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2002 (3) TMI 6 - HC - Income Tax"1. Whether, on the facts and circumstances of the case, the Tribunal had erred in law in deleting the penalty under section 271D for violation of the provisions of section 269SS of the Act? - 2. Whether, for levying the penalty under section 271D for violation of section 269SS of the Act is it required by the Assessing Officer to look into genuineness of loan or deposit?" - The questions referred are interconnected. We are required to adjudicate upon whether non-compliance of the provisions of section 269SS of the Act of 1961 necessarily imposes liability on the assessee for payment of penalty by virtue of section 271D of the Act of 1961 or the assessing authority has the jurisdiction and authority to consider the facts and circumstances in which the assessee made default of non-complying the provisions of section 269SS of the Act of 1961 and can waive the penalty. - the questions are answered in favour of the assessee. The appeal is dismissed.
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