SC : Dismisses SLP against penalty deletion for accepting/repaying loans through ‘journal entries’

SC dismisses Revenue’s SLP challenging Bombay HC order in case of assessee (belonging to Lodha group of companies engaged in real estate business) for AY 2009-10; HC had dismissed Revenue’s appeal against ITAT order deleting penalties u/s. 271D / 271E for violating provisions of Sec 269SS / 269T by accepting/repaying loans/advances through “journal entries” (i.e otherwise than by account payee cheques/drafts); ITAT had held that transactions by way of journal entries aimed at extinguishment of mutual liabilities constitutes “reasonable cause” u/s 273B; Stating that the issue of reasonable cause is a question of fact, HC had held that “the view taken by the Tribunal on the facts before it, is a possible view and does not give rise to any substantial question of law.”; SC holds that “We do not find any good ground to entertain this Special Leave Petition, which is, accordingly, dismissed.”:SC