YUKSOM BREWERIES LTD.,SIKIM vs. ADDL./JOINT CIT, RANGE - 2, SILIGURI, SILIGURI

PDF · subscribers
ITA 1921/KOL/2024Status: DisposedITAT Kolkata16 July 2025AY 2018-2019Bench: SRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SRI RAKESH MISHRA (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and remanded the matter back. It directed the CIT(A) to consider the evidence filed during the appeal and provide an opportunity for a hearing to both the assessee and the AO.

What were the facts?

The assessee adjusted security deposits against trade receivables through journal entries, which the AO treated as a violation of Section 269T, leading to a penalty under Section 271E. The CIT(A) upheld the penalty, finding no documentary evidence or reasonable cause.

What were the issues?

Whether the adjustment of security deposits against trade receivables through journal entries constitutes a repayment in contravention of Section 269T, and if so, whether there was a reasonable cause for such non-compliance to waive the penalty under Section 271E.

Which sections of the Income-tax Act were involved?

Section 269T,Section 271E,Section 273B

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA

Before: SRI PRADIP KUMAR CHOUBEY & SRI RAKESH MISHRA

order

: 16-July-2025 ORDER

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

1.

This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2018-19 dated 10.08.2024, which has been passed against the penalty order u/s 271E of the Act, dated 30.12.2022.

More judgments on Section 269T

All 729 judgments and leading authorities on Section 269T →

Recent GST High Court judgments

Search GST case law →