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14. Kanungo Ferromet Pvt. Ltd vs. Addl. CIT (Mum) Members : Mahavir Singh (JM) and Ramit Kochar (AM) ITA No. 995/Mum/2014 A.Y.: 2005-06. Date of Order: 4th January, 2016. Counsel for assessee / revenue: Rajkumar Singh / Vikash Kumar Agarwal

Jagdish D. Shah
Jagdish T. Punjabi

Section 271E – Penalty u/s. 271E cannot be levied in a case where repayment is made by an account payee cheque, though in the name of the director of the company.