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2016 (3) TMI 1381 - AT - Income TaxPenalty levied under section 271E - violation of Section 269SS - reasonable cause to be entitled to the benefit of Section 273B - accepting and repayment of loan in cash in excess as permitted by law - HELD THAT:- As decided in P. MUTHUKARUPPAN VERSUS THE JOINT COMMISSIONER OF INCOME TAX, PONDICHERRY RANGE, PONDICHERRY [2015 (7) TMI 848 - MADRAS HIGH COURT] appellant having taken loan amount by cash in contravention of the provisions of Section 269SS and repaying the same by cash in contravention of the provisions of Section 269T, cannot seek the support of Section 273B. The appellant has not explained as to the urgency, compulsion or any other important circumstance for the breach and that too repeatedly. Taking into account the conduct of the assessee, the assessing authority, after giving repeated reasonable opportunities, finding no explanation whatsoever, was unable to exercise his discretion under Section 273B and accordingly imposed the penalty under Sections 271D & 271E of the Act. Penalty orders confirmed - Decided against assessee.
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