Section 269SS/ 269T not applies to book entries not involving cash transactions

In the instant case, the transaction in question, was not cash transaction. It was merely book entries. The CIT(A) has called Remand Record from the AO, who vide report dated 05.01.1999, confirmed that the transaction in question, by mentioning that no cash was involved. There was only adjustment entries. When that it so, then there is no violation of Section 269SS/269T of the Act. No addition is made in quantum appeal.

(Allahabad High Court)

INCOME TAX APPEAL No. – 242 of 2005 [Assessment Year – 1994-95]

Appellant :- The Commissioner Of Income Tax Respondent :- M/S Saurabh Enterprises

Counsel for Appellant :- S.C.

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