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2014 (4) TMI 67 - AT - Income TaxPenalty u/s 271D – Violation of Provisions – levy of penalty where loans/deposits are genuine - Waiver of penalty u/s 273B - reasonable cause - Held that:- no phrase occurring in section 269SS to indicate that provisions will not apply to genuine transactions as pleaded by assessee - If deposits are proved to be not genuine same could be considered for addition u/s.68 or 69 of Act as deemed income of assessee from other sources and cannot be regarded as loan or deposit within meaning of section 269SS and 269T - Assessee has not brought on record any circumstances which prevented him to violate provisions of section 269SS by bye-passing banking channel while accepting amount - Assessee could not justify byepassing of banking channels - Being 'sick industrial unit’ is not sufficient for deviating from banking channel. In absence of reasonable cause, assessee cannot take benefit of provisions of section 273B of Act - CIT(A) was justified in upholding penalty levied u/s.271D – Decided against Assessee.
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