TaxTMI 
TaxTMI 
2016 (2) TMI 927
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....HRI M.BALAGANESH, AM These appeals of the assessee arise out of the orders of the Learned CIT(A), Jalpaiguri in Appeal Nos. 26 & 27/JAL/CIT(A)/JAL/11-12 dated 06-11-2012 & 12- 11-2012 for the Asst Year 2008-09 against the separate orders of penalty levied by the Learned JCIT/ learned AO u/s. 271D & u/s 271E of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') respectively. 2. The ....
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....omments were recorded by the ld.AO and not even any whisper was made with regard to advances received in cash by the assessee from various dealers and repayment made thereon in cash thereby violating the provisions of section 269SS and 269T of the Act. The ld.AO did not record any satisfaction in the assessment order with regard to violation of provisions of section 269SS and 269T of the Act. The ....
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....271D and 271E of the Act. We find from the facts that the assessee has merely collected advances in cash from various dealers for supply of rice and wheat during the course of business. Hence, it can safely be concluded that the said receipts pertained the character of revenue receipts in the hands of the assessee. It is not in dispute that the said advances were duly adjusted by supply of goods b....
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....be so for the simple reason that when the original assessment order itself was set aside, the satisfaction recorded therein for the purpose of initiation of the penalty proceeding under Section 271E would also not survive. This according to us is the correct proposition of law stated by the High Court in the impugned order is concerned, there was no satisfaction recorded regarding penalty proceedi....