Comparable check might have been taken in CITvs

Comparable check might have been taken in CITvs

Thus, within the CIT vs We.P. India (P.) Ltd. sixteen taxmann 407 (Delhi), DHC held that in case these types of examination try applied the receipt out of display app monies about three personal minimal enterprises to possess allocation of offers on assessee-business can’t be addressed as the acknowledgment out-of financing otherwise put.

Almost every other conclusion wherein this has been kept you to definitely Display software monies obtained in the bucks wouldn’t matter either so you’re able to financing or put try VLS Food (P

As display app currency gotten from the assessee try handled since undisclosed money, penalty legal proceeding couldn’t have been initiated lower than section 269SS discover with section 271D of your own Income-taxation Work, 1961. CIT compared to R Indiana installment loans online. P. Singh and you may Co. Pvt. Ltd. 340 ITR 0217 (Del) .

Even in the event sections 269SS and you can 269T utilize the words “or even than simply by the a keen accountpayee cheque or membership payee financial write”the brand new told you conditions are meant to strike onlycash transactions (because the obvious of CBDT Rounded No. 387 dated. 6-7-1984) we.elizabeth. ifthere try purchases which are “otherwise than just from the a free account payee cheque oraccount payee financial draft” nevertheless they do not encompass one path of cash, the fresh new saidtransactions wouldn’t be strike by the aforementioned arrangements while the demonstratedhereunder.

Into the CIT against. Noida Cost Bridge Co. Ltd. (2003) 262 ITR 260 (Delhi) it actually was heldthat whenever no percentage is generated from inside the bucks, although same are affected by journalentry during the books regarding membership out of assessee and there is zero admission out of section269SS whilst in order to warrant punishment you/s 271D. Govind Ku) 253 ITR 103 (Raj).

In the Asst. CIT versus. Jag Vijay Vehicle Fund (P.) Ltd. (2001) 78 ITD 378 (Jp.)it absolutely was kept that head target of point 269SS are to help you prevent the computer oftaking unaccounted bucks or unaccounted places otherwise than just because of the anaccount payee cheque otherwise membership payee write. Continue reading “Comparable check might have been taken in CITvs”