2014 (7) TMI 38

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....atterjee, learned Senior Counsel appearing for the Appellant/ Assessee. 2. The submission of Mr. Chatterjee is that in this case on the admitted facts Section 269T of the Income Tax Act, 1961 was not attracted. It was not attracted because repayment is not in the sum of Rs.20,000/- or more. Section 269T is entitled "mode of repayment of certain loans or deposits". In such situation, the Tribuna....

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....ent, but the amount of loan. Section 269T deals with "mode of repayment of certain loans or deposits". However, it mandates that no branch of a banking company or a cooperative bank and no other person or firm shall repay any loan or deposit made with them otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit. Then, i....

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.... (iii) which is the explanation for the entire section and which clarifies that "loan or deposit" means any loan or deposit of money which is repayable after notice or after a period and in the case of a person other than a company, includes loan or deposit of any nature. 4. Therefore, the Explanation (iii) cannot be of any assistance. In the present case, the Tribunal found and undisputedly th....

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....s.20,000/- or more, then, we are of the opinion that the present Appeal does not give rise to any substantial question of law and much less as projected by Mr. Chatterjee. 5. The judgment of the Division Bench of the Gujarat High Court in the case of ITO v. VS Hostel reported in (2012) 27 Taxmann 18 (Guj.), is of no assistance as in that case, the issue was, whether, what was advanced was a loa....