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2015 (9) TMI 1651 - AT - Income TaxPenalty u/s. 271D - receiving loans in cash - bonafide reasons for not furnishing complete details before the tax authorities - assessee received loans from Mr. Kashinath Tapuriah, which is in contravention of the provisions of section 269-SS - alternative addition u/s 68 - HELD THAT:- Assessee has bonafide reasons for not furnishing complete details before the tax authorities. Therefore in the interest of substantial justice, the matter deserves to be set aside to the file of the AO, who is directed to reconsider the matter afresh, in accordance with law. In so far as penalty proceedings u/s. 271D are concerned, if an addition is made u/s. 68 of the Act, by treating it as non-genuine cash credit, it needs to be reconsidered as to whether the Assessing Officer can invoke provisions of section 269SS so as to levy penalty. Since the quantum proceedings are set aside the Assessing Officer is at liberty to initiate penalty proceedings afresh, after making a fresh assessment. - Decided in favour of assessee for statistical purposes.
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