2019 (1) TMI 1615 - HC - Income Tax

Penalty u/s 271E - repayment of deposits in cash made by the assessee to her related persons - default u/s 269T - first burden to establish that there existed a loan or advance - HELD THAT - The appeal is dismissed in light of decision of this Court in Daksha Jain 2018 (11) TMI 1182 - RAJASTHAN HIGH COURT as held nothing on record to show that there existed a loan or advance by said ACCS repayment whereof has been made in cash - burden entirely lay upon AO first to establish that there existed a loan or advance and the contentious payment in repayment of such loan. That being the factual and legal position we are of the considered opinion that the learned Commissioner (Appeals-2) Udaipur was perfectly justified in holding that there is no violation of the provisions of Section 269T of the Act of 1961 and consequently levy of penalty under Section 271E of the Act of 1961 was uncalled for. - decided in favour of assessee.

Summary

The Rajasthan High Court dismissed an appeal by the Revenue against a common order passed by the Income Tax Appellate Tribunal. The appeal was dismissed based on a previous judgment in the case of Pr. Commissioner of Income Tax Central, Jaipur Vs. Daksha Jain.