ANIRBAN NATH SUSHMITA HUF Vs. DCIT KANPUR

JUDGEMENT

(1.) THIS Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 arises out of the order of the Income Tax Appellate Tribunal, Allahabad dated 30.6.2000 in Income Tax Appeal No. 1037 (Alld)/1998, for the assessment year 1994-95.

(2.) WE have heard Shri S.D. Singh, learned counsel appearing for the assessee-appellant. Shri R.K. Upadhyay appears for the Income Tax Department.

(3.) THE Income Tax Appellate Tribunal dismissed the appeal of the assessee-appellant on 30.6.2000 on the ground that there were credit balance in the account of Anirban Nath (individual) of Rs. 5, 95, 560/- and in the account of Arinban Nath Sushmita (HUF) (assessee-appellant) of Rs. 7, 50, 979/-. THEse balances got adjusted to the extent of Rs. 9, 14, 000/- on account of sale of shares. Since the amount was not repaid by account payee cheque or account payee bank draft, the transaction falls within the mischief of Section 269-T of the Act and thus penalty is leviable under Section 271-E.