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2016 (10) TMI 636
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.... S.C. For the Respondent : R. R. Agrawal, Suyash Agrawal ORDER Heard Sri Krishna Agrawal, learned Counsel for the department and Sri Suyash Agrawal, learned Counsel for the assessee. This is an appeal filed by the department under Section 260A of the Income Tax Act for the assessment year 2001-02. The substantial questions of law referred to are hereunder : - "1. Whether on th....
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....mposed by the Addl. Commissioner of Income Tax Range-6, Kanpur, without properly appreciating the fact that in the present case money has been accepted otherwise than by crossed cheque/bank drafts and, as such, there is a clear violation of section 269SS of the Income Tax Act, for which penalty u/s 269SS was rightly imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur ?" We have hear....
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....essee. The Tribunal also records in its order that the matter of this very assessee was subject matter of another appeal in the case of Amber Finlease Ltd. in which the Tribunal considered the CBDT Circular No.387 dated 06.07.1984 and has observed in para no.12 as under:- "12...........We are of the considered view that section 269SS does not include in its ambit where there is a transact....