Involvement in a scam cannot be ground for sustaining penalty imposed u/s. 271E

HIGH COURT OF BOMBAY Commissioner of Income-tax, Central-IV V/s. Triumph International Finance (I) Ltd. IT APPEAL NO. 5746 OF 2010 June 12, 2012 JUDGMENT J.P. Devadhar, J. – This appeal was admitted on 13th September 2010 on the following substantial question of law :- “Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that transactions effected through journal entries in the books of the assessee would not amount to repayment of any loan or deposit otherwise than by account payee cheque or account payee bank d...