Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (11) TMI 916 - HC - Income TaxValidity of the notices u/s 133(6) - calling for particulars of cash transactions above ₹ 1 lakh - contentions of the cooperative societies that they do not answer the description of "person" referred to in the section and that details could be called for only pertaining to enquiry pending were turned down based on the amendments - HELD THAT:- As in view of the consistent judgments of this Court and the decision of the Supreme Court, we do not think there is any scope for interference with the judgments of the learned Single Judges upholding the validity of notices after overruling the contentions raised by the appellants. Whether the general notice calling for cash particulars including deposits of various depositors above ₹ 1 lakh is issued by the concerned officer with the prior approval of the Director or the CIT, as the case may be? - HELD THAT:- In the first place, we feel that the notices do not pertain to loans advanced by societies and even renewals granted by them by closing the old loans against fresh loans. In our view, particulars of the transactions called for are cash transactions above ₹ 1 lakh and deposit amount of ₹ 1 lakh and above, the details of which the appellants/petitioners are liable to furnish. We therefore extend the time for furnishing details called for till 31st Jan., 2010. In view of the extension of time granted by us, we direct the respondent officers to recall the penalty proceedings, if any, initiated u/s 272A of the Act after receipt of information. It any appellant/petitioner after collecting substantial details requires further time, such society is free to furnish the collected details and then apply to the officer for further extension of time, and we are sure, the officer concerned will grant reasonable time if there is bona fide in the request made by the society and if substantial details are already furnished.
|