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2013 (8) TMI 404 - AT - Income TaxPenalty u/s 271D - violation of section 269SS - Reasonable Cause u/s 273B - receipt of loan by cash exceeding ₹ 20,000/- Held that:- no penalty shall be imposable on the assessee for receiving or accepting loan or deposit otherwise than by account payee cheque or by account payee demand draft, if there was genuine and bonafide transaction and the taxpayer could not get a loan or deposit by account payee cheque or account payee demand drat for some bonafide reason, the authority vested with the power to impose penalty has a discretionary power not to levy the penalty - assessee is not claiming that cash was received due to reasonable cause. The claim of the assessee is that receipt of money by way of cash itself is a reasonable cause - mere receipt of cash, itself cannot be a reasonable cause. The assessee is expected to demonstrate the reasonable cause for not receiving the loan by account payee cheque or demand draft - Decided in against the assessee.
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