Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 144 - AT - Income TaxPenalty u/s 271D - cash deposits with in contravention of Section 269SS - Held that:- No shred of doubt about the genuineness of the transactions and their disclosure in the books of account and returns of both the assessee who happen to be husband and wife, carrying on the business as sister concerns. Section 271D read with Section 269SS was introduced by the legislature to discourage the menace of black money. Since these transactions are genuine, this element of black money is totally ruled out. Under these circumstances, we are of the view that the transactions being genuine and the assessee having offered reasonable explanation justifying these cash transactions, the impugned penalty u/s 271D is not leviable. See Raj Kumar Sharma (2007 (4) TMI 218 - RAJASTHAN High Court ) and Saini Medical Store (2005 (2) TMI 72 - PUNJAB AND HARYANA High Court)and Sunil Kumar Goel (2009 (3) TMI 131 - PUNJAB AND HARYANA HIGH COURT). Thus penalty is deleted. - Decided in favour of assessee.
|