CIT Vs. SHYAM CORPORATION

JUDGEMENT

(1.) REVENUE has preferred this appeal against the order of the Income Tax Appellate Tribunal ('the Tribunal' for short) dated 13.4.2012. We may notice facts as arising in Tax Appeal No. 673/2012. Issue pertains to penalty under section 271D and 271E imposed by the Assessing Officer against the respondent assessee for alleged breach of provisions of section 269SS and section 269T respectively. In the present appeal following question has been framed:

(2.) SUCH issue was carried in appeal by the Revenue before the Income Tax Appellate Tribunal. The Tribunal agreed with the view of CIT (Appeals) making following observations:

(3.) HAVING heard learned counsel for the Revenue, we have no reason to interfere. It appears that the receipt for which revenue intends to invoke the provisions of section 269SS or 269T as the case may be for imposing penalty under section 271D or 271E as the case may be were during the assessment proceedings treated as the booking advance and consequently assessed as undisclosed income of the assessee invoking section 68 of the Act. Such amounts were treated as booking advance and therefore, taxed as undisclosed income. We agree with the view of CIT (Appeals) as well as Tribunal that same would thereafter not bear the in that view of the matter, no question of law arises. Tax Appeals are dismissed.