TMI Blog2014 (3) TMI 218X X X X Extracts X X X X X X X X Extracts X X X X ..... ontention that the amounts received by the assessee was from promoters/partners of the firm was not accepted. None of the authorities have found that the reasons stated are genuine and can be accepted to avoid payment of penalty - it is found by the authorities that the contribution made by the respective persons was treated as a loan and the explanation that they were to be made partners later was not accepted thus, the factual issues can be re-opened - The findings of facts by the authorities are neither perverse nor illegal in any form thus, no question of law arises for consideration Decided against Assessee. - ITA. No. 35 of 2012 - - - Dated:- 8-1-2014 - Dr. Manjula Chellur, CJ And A. M. Shaffique,JJ. For the Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee filed an appeal, the same came to be confirmed. The assessee preferred a further appeal to the Tribunal, which resulted in the impugned order confirming the penalty imposed on the assessee. 3. The assessee had raised the following questions of law in the memorandum of appeal: Whether on the facts and in the circumstances of the case: 1. The Appellate Tribunal is justified in dismissing the appeal against the imposition of penalty for the reasons stated by it confirming the penalty without considering materials on records and submissions made by the appellant? 2. Is not the decision of the Appellate Tribunal contrary to the well accepted principles of law governing the issue as laid down by the Hon'ble Supreme Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom promoters/partners of the firm was not accepted. 5. Section 269SS of the Income-tax Act reads as under: 269SS. Mode of taking or accepting certain loans and deposits- No person shall, after the 30th day of June, 1984, take or accept from any other person (hereinafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft if,-- (a) the amount of such loan or deposit or the aggregate amount of such loan and deposit; or (b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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