2016 (9) TMI 298

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.... O R D E R The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal ("ITAT") dated 09.03.2016 dismissing its appeal. For the relevant assessment year, AY 2006-07, the Assessing Officer ("AO") had issued notice and brought to tax an amount of Rs. 4,80,71,518/- holding that it was repaid otherwise than by crossed cheque/bank draft, which is in violation of the provisions of S....

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....r of Income Tax. v. Worldwide Township Projects Ltd. (2014) 367 ITR 433 (Delhi) and observed as follows:- "6. We have perused the orders passed by the authorities below and the paper book filed before us. It is observed that the ld. AO has not disputed the transactions, and has not observed any part of the amount to be unexplained money. It has nowhere been recorded in the penalty order that th....

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....annot be imposed. XXX XXX XXX 11. The ld. AO levied penalty u/s 271E of the Act for alleged violation of provisions of section 269T of the Act only on the basis that the books of the assessee reflected the payment to APIL. Respectfully following the decision of Jurisdictional High Court in the case of CIT vs. World Wide Township Ltd. (supra), we hold that the provisions of section 269T were ....