2021 (12) TMI 566

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me Tax Appellate Tribunal (for short 'the Tribunal'), Cochin Bench in ITA No.191/Coch/2014 dated 14.11.2014, is in appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') before this Court. The appeal deals with issues arising from the returns filed for the Assessment Year 2008-09. 3. The appeal is admitted on the following substantial questions of law: "1) Whether, on the facts and in the circumstances of the case and also in the light of the decision in 170 Taxman 9, the Tribunal is right in interfering with the order of the Assessing Officer? 2 (a) Whether the Tribunal is justified in holding that there was no violation of Section 269T of the Act and that the 'bona fide belief clai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ioner of Income Tax treated the receipt and subsequent repayment of a sum of Rs. 1,69,20,000/- to Mr K A Thomas, constituted a loan transaction and repayment has not been made in accordance with the requirements of Section 269T of the Act. Hence, imposed a penalty of Rs. 1,69,20,000/- under section 271E on the Act. 7. The Commissioner of Income Tax (Appeals) confirmed the order of penalty resulting in the assessee filing I.T.A. Nos.191- 193/Coch/2014 before the Tribunal. The appeal in ITA No.191/Coch/2014 is with respect to the panalty imposed through Annexure-A order dated 30.11.2011. 8. Senior Advocate Mr P K R Menon argues that the findings recorded by the Tribunal are very liberal and have changed the meaning of 'bona fide bel....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ne the applicability, relevancy etc on the explanation offered by the assessee and for the first time record findings in this behalf. As an alternative plea, he submited that the ends of justice are met, if opportunity is afforded to assessee to contest the documents now relied on by the Revenue. In other words, it is suggested that the main argument of the Revenue on merits ought not to be considered by this Court, but relegate the parties to Tribunal for consideration and disposal afresh on the materials available in this behalf. 10. We have perused the record and we take note of the contentions advanced by the counsel appearing for the parties. To appreciate the substantial questions of law formulated by the Revenue, we would have gon....