IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE B.P.RAY MONDAY, THE 15TH NOVEMBER 2010 / 24TH KARTHIKA 1932 ITA.No. 387 of 2010() --------------------- ITA.389/COCH/2008 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/RESPONDENT: ----------------------------- THE COMMISSIONER OF INCOME TAX-1, COCHIN. BY ADV. SRI.P.K.RAVINDRANATHA MENON (SR) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT: --------------- M/S.SREE SAKTHI PAPER MILLS LTD, 39-2724 A,SREEKAILAS,PALIAM ROAD,KOCHI-16. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 15/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & BHABANI PRASAD RAY, JJ. .................................................................... I.T. Appeal No.387 of 2010 .................................................................... Dated this the 15th day of November, 2010. JUDGMENT Ramachandran Nair, J. Heard Standing Counsel appearing for the appellant. After hearing the appellant and after going through the Tribunal's order, we do not think the questions raised are substantial questions of law because on facts Tribunal found that the cash repayments made in violation of Section 269T are to group concerns and to assessee's customers and contractors. So much so, all the parties are identified and if the department wants, they can conduct detailed enquiry about tax evasion if any practised by those who advanced loans or made deposits with the appellant. Since the Tribunal has cancelled penalty levied under Section 271E based on findings on facts in the above lines, we do not want to disturb the same. Consequently appeal is dismissed. C.N.RAMACHANDRAN NAIR Judge BHABANI PRASAD RAY Judge pms