HC stays penalty imposition on Electronic Banking routed loan; Assessee claims 'retrospective' relief

Taxpayer approaches Delhi HC against the levy of penalty for accepting loan by way of electronic transfer; Delhi HC issues notice to Revenue and grants stay on recovery of the penalty pursuant to a writ petition filed by the assessee company challenging penalty order passed u/s. 271D for contravening Sec. 269SS provisions; During AY 2013-14, assessee had received loan through Electronic clearing system (‘ECS’) and consequently penalty was imposed by AO since the payment was not by way of cheque or bank draft; Before HC, assessee submits that Finance (No. 2) Act, 2014 amendment in Sec. 269SS allowing use of ECS was curative in nature and hence should be applied retrospectively; Further, assessee argues that penalty is contrary to the legislative intent; HC lists the matter for November 22