Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 40 - HC - Income TaxPenalty u/s 271D and 271E Cash loan transactions treated as undisclosed income u/s 68 waiver of penalty u/s 273B - Held that:- The Tribunal have considered the order of the Assessing Authority that it is a case of unexplained cash receipt and treated as own income of the assessee, which is subjected to tax u/s 68 of the Act, the question of treating it as transaction in violation of Sections 269-SS or 269-T does not arise as it stands mutually excluded Relying upon Diwan Enterprisess V. Commissioner of Income-Tax and others [1998 (11) TMI 27 - DELHI High Court] the Tribunal accepted the stand of the assessee that there was no justification for imposition of penalty u/s 271-D and 271-E, as it is not a transaction in contravention of Section 269-SS and 269-T there was no reason to take a different view as the order of the Tribunal is to be upheld which justifies a case of undisclosed income at the hands of the assessee subject to tax u/s 68 of the Act. Loan transactions - Loan transaction relatable to the money received from Meenakshi for a sum of ₹ 25 Lakhs is concerned, the Tribunal was inclined to accept the reasoning of the CIT(A) that it is a case, where the assessee, under compelling circumstances, had accepted cash loan and, therefore no penalty need be levied by invoking the provisions of Section 273-B of the Act - Tribunal have gone into the genuineness of the transaction and the reasons attributed by the assessee for obtaining the loan in view of the compelling circumstances, which is covered by relevant documents to support a transaction and, the authorities have rightly interfered with the penalty imposed by invoking the provisions of Section 273-B of the Act Decided against Revenue.
|