TaxTMI 
TaxTMI 
2015 (6) TMI 1252
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.... the appeals filed by the assessee against the order of CIT(A), Mumbai for the assessment year 2005-06, in the matter of imposition of penalty u/s.271D & 271E of the I.T.Act. 2. Rival contentions have been heard and record perused. Facts in brief are that return filed by the assessee was accepted by the AO under summary assessment u/.s143(1), wherein it was observed that as per the tax audit re....
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....ee has received instructions from one of the Directors Mr. Rahul G. Shah to credit the account of his wife Smt. Lata G. Shah by Rs.12,00,000/- debiting his account with the same amount. Accordingly, the assessee has passed a journal entry debiting Rahul G. Shah loan account and crediting Lata G. Shah loan account. Here, there was no physical receipt from Smt. Lata G. Shah or there was no physical ....
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....oan or deposit was not a bona fide transaction and was made with a view to evade tax, the cause shown by the assessee was a reasonable cause and in view of section 273B of the Act, no penalty under section 271E could be imposed for contravening the provisions of section 269T of the Act. 6. Applying the proposition of law laid down by the Hon'ble High Court, we found that in the instant case the....
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....ount crediting in the name of assessee's wife by debiting assessee's loan account, which was already there in the books of account amounts to any contravention of provisions of Section 269SS so as to impose penalty u/s.271D&271E. Debiting assessee's account was treated by the AO as repayment of loan and crediting his wife's account was treated by the AO as receipt of loan. 7. Even on the ground....