2025 (8) TMI 114

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....evenue : Shri Nitin Vishnu Kulkarni, Sr. DR ORDER This appeal is filed by the assessee against order dated 20.10.2023 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2014-15. 2. The assessee has raised the following grounds of appeal :- "1. Assessing Officer erred in levying penalty under section 271E for repayment of INR 22,90,148/- si....

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....61 on 21.12.2016 thereby assessing total loss at Rs. 15,61,641/-. The Assessing Officer observed that the assessee repaid the loan of Rs. 22,90,148/- otherwise than by an account payee cheque/account payee bank draft/electronic clearing system through bank account in contravention to the provisions of Section 269T of the Act. The assessee repaid the loan in cash as stated by the Assessing Officer ....

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.... the last notice was received by the assessee on 15th September, 2024. Therefore, we are proceeding on the basis of submissions made by the assessee before the CIT(A) which is quoted in paragraph no.4 of the order of the CIT(A). 6. The Ld. DR submitted that the CIT(A) has rightly imposed the penalty as the claim made by the assessee for making substantial repayment in cash on difference occasio....