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2011 (4) TMI 1302
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....is in Appeal against the order of the Tribunal dated 1st May 2009, raising following question for our consideration :- "Whether the Appellate Tribunal is right in law and on facts in confirming the order passed by CIT [A] in deleting the penalty of Rs. 60,97,000/= levied u/s. 271E, for violation of provisions made u/s. 269T of the Act ?" It can be seen from the question itself that the issue....
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....ies were never sold and the cancellation is shown several years after the initial acceptance of the money in cash. The Assessing Officer thus rightly believed breach of Section 269T of the Act. We, however, find that the CIT [A] in its Order observed that there is no dispute regarding genuineness of the transactions, and the source of funds are proved and are not doubted. It was further observe....