2003 (1) TMI 46

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....1 (for short "the Act"), is directed against the order, dated May 16, 2002, passed by the Income-tax Appellate Tribunal, New Delhi (for short "the Tribunal"), in I.T.A. No. 238/Delhi of 2002, pertaining to the assessment year 1998-99. According to the Revenue, the said order involves the following substantial questions of law: "1. Whether the Income-tax Appellate Tribunal has erred in deleti....

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....hile completing the assessment of the assessee for the assessment year 1998-99, the Assessing Officer initiated penalty proceedings under section 271D of the Act as he was of the view that the assessee had violated the provisions of section 269SS of the Act because the payment of Rs. 4.85 crores to the Delhi Government was not made in the manner prescribed in section 269SS of the Act. We may note ....

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....Tribunal has noticed that:(i) in the instant case, the transaction was by an account payee cheque, (ii) no payment on account was made in cash either by the assessee or on its behalf, (iii) no loan was accepted by the assessee in cash, and (iv) the payment of Rs. 4.85 crores made by the assessee through IL & FS, which holds more than 30 per cent. of the paid-up capital of the assessee, by journal ....