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
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