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2002 (5) TMI 32 - CALCUTTA HIGH COURTWrit, Powers Of High Court - Aggrieved by an order passed under section 271D of the Income-tax Act, 1961, imposing penalty on account of violation of acceptance of loan in cash exceeding Rs.20,000 prohibited under section 269SS, the petitioner had preferred an appeal under section 246 of the Income-tax Act. He has also made an application under section 249, sub-section (3), for admission of the appeal, which was preferred beyond the limitation provided in sub-section (2) of section 249. This has since been dismissed by the Commissioner of Income-tax. This order has since been challenged before this court on various grounds, particularly, on the ground that the order is perverse and this court should interfere with the same. Relying on section 273B, he contends that the failure to comply with section 269SS was supported by reasonable cause and as such no penalty could be imposed upon the petitioner. - The Appellate Tribunal will decide the question of granting of stay or the appeal according to its own wisdom and discretion without being influenced by any of the observations made in this order.
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