2009 (7) TMI 116

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....The present appeal filed under section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), arises out of the order of the Income-tax Appellate Tribunal dated February 26, 1999. It has been admitted, vide order dated February 1, 1999, on the following substantial questions of law: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in h....

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....enalty proceedings under section 271D of the Act on the ground that the respondent-assessee had violated the provisions of section 269SS of the Act and, vide order dated June 12, 1991, imposed a sum of Rs. 1,00,000 as penalty. In appeal, the penalty was set aside by the Commissioner of Income-tax (Appeals), Varanasi, vide order dated March 16, 1993, which has been upheld by the Tribunal. 4. We ....

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....had held that the aforesaid amount had been taken as advance from M/s. Babu Ram Ganga Ram against subsequent purchase of pulses made from the assessee respondent. From the order of the Tribunal, we find that against advance of Rs. 1 lakh, pulses worth Rs. 1,02,957 have been supplied to M/s. Babu Ram Ganga Ram, Suriyawan, Varanasi, on various dates which also substantiates that the amounts in quest....