Bombay H.C : This appeal is directed against the decision of the Tribunal ordering deletion of the penalty of Rs. 4,13,000 imposed by the AO under s. 271E of the IT Act, 1961.

High Court Of Bombay

CIT vs. Eetachi Agencies

Sections 269T, 271E

S.H. Kapadia & A.P. Shah, JJ.

ITA No. 231 of 2000

28th February, 2000

Counsel Appeared

R.V. Desai with J.P. Deodhar, for the Appellant : Vipul B. Joshi i/b Sunil M. Lala, for the Respondent

JUDGMENT

BY THE COURT :

This appeal is directed against the decision of the Tribunal ordering deletion of the penalty of Rs. 4,13,000 imposed by the AO under s. 271E of the IT Act, 1961. The said penalty was imposed for violation of s. 269T of the IT Act. By the impugned decision, the Tribunal upheld the order of the appellate authority cancelling the penalty. On an examination of the facts, the Tribunal found that the assessee had acted under a genuine belief that s. 269T had no application to deposits and that it only applied to loans and, therefore, the Tribunal order eddeletion of penalty. We do not see any reason to interfere with the findings of fact recorded by the appellate authority and by the Tribunal. Hence, the appeal is dismissed.

[Citation : 248 ITR 525]

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