Section 271E penalty cannot be Levied in absence of Regular Assessment

Vijayaben G. Zalavadia Vs JCIT (ITAT Ahmedabad) The brief facts leading to the case is this that the assessee, an agriculturist had taken loan from one Berna Gamni Seva Sahakari Mandli Ltd., a cooperative society. It is relevant to mention that the assessee is a member of the said cooperative society. However, out of the sales of the agricultural produce the assessee repaid those laons of Rs. 1,42,000/- during the assessment year under consideration in cash. The Ld. AO was of the opinion that such action of the assessee is in contravention of the provision of Section 269T and consequently pena...