2010 (7) TMI 818

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....e Revenue has come forward with this appeal and the following question of law is raised :  "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that no penalty under sections 271D and 271E is warranted for the loan transactions made in cash by the assessee with its sister concerns ?" 2.  The assessing authority based on the facts culled out that t....

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....tion, factory expenses and petty cash. There is also finding that the assessee was a sick company and had to be served from its closure. The Commissioner of Income-tax (Appeals), therefore, held that when the creditors and debtors are genuine, that the transactions were genuine, that the money was with-drawn from the current account on OD facility of the sister concern and such transactions were m....

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....; [2008] 167 Taxman 27, CIT v. Kundrathur  and Chit Co. [2006] 283 ITR 329 (Mad) and CIT v. Ratna Agencies [2006] 284 ITR 609 (Mad), declined to interfere with the order of the Com-missioner of Income-tax (Appeals).  4. Having heard Mr. J. Narayanasamy, standing counsel for the appellant and having perused the orders impugned in this appeal, we are also con-vinced that there were enou....