TMI Blog1989 (9) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... se than by an account payee cheque or account payee bank draft, will be punishable under section 276DD ; this does not even provide a reasonable cause ; supposing it is a case of mere return of the amount due on account of business, even then, if the assessee happens to get a sum of Rs. 20,000 or even if he had obtained a loan, for which he may have a very valid explanation, all that is disregarded, straight-away; a punishment is sought to be imposed ; therefore, the said section is draconian in its nature. In answer to these arguments, learned counsel for the Department, Mrs. Nalini Chidambaram, would point out that the grievance of the petitioners is only imaginary because if one uses section 278AA, he uses the non-obstante clause, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shed by a Central, State or Provincial Act ; (d) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette: Provided further that the provisions of this section shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act. Explanation. - For the purposes of this section, (i) 'bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 276D, section 276DD, section 276E, section 277, section 278 or section 278A except at the instance of the Chief Commissioner or Commissioner. (1A) A person shall not be proceeded against for an offence under section 276C or section 277 in relation to the assessment for an assessment year in respect of which the penalty imposed or imposable on him under clause (iii) of sub-section (1) of section 271 has been reduced or waived by an order under section 273A. (2) The Chief Commissioner or Commissioner may either before or after the institution of proceedings compound any such offence. (3) Where any proceeding has been taken against any person under sub-section (1), any statement made or account or other document produced by such perso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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