2016 (11) TMI 876

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.... Per Mahavir Singh, JM This appeal by the assessee arising out of order of Commissioner of Income-tax (Appeals)-9, Mumbai in appeal No.CIT(A)-9/DCIT-5(2)/94/2013- 14 dated 04.11.2013. The assessment was framed by the ACIT, Circle 5(2), Mumbai for the assessment year 2005-2006 vide his order dated 12.12.2007 u/s 143(3) of the Income-tax Act, 1961 (hereinafter "the Act"). The penalty under dispu....

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....he assessee before the Addl.CIT filed detailed reply stating that during assessment year 2004-2005, the assesseecompany has advanced a sum of Rs. 15 lakh to Shri R.Bhaskaran towards business deal. In support of which the ledger account copy of Shri R.Bhaskaran in the books of the assessee-company for assessment year 2004-2005 was filed. The assessee also filed copy of audited balance sheet for ass....

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.... According to A.O. once this loan is received back by account payee cheque / draft by Shri Om Prakash Kanungo from Shri R.Bhaskaran, on behalf of the company, but Shri Om Prakash Kanungo passed a journal entry in the books of assessee-company, the same is to be treated as repayment of cash loan and accordingly, the Addl.CIT levied penalty u/s 271E of the Act for violation of the provisions of sect....