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2016 (4) TMI 1090 - AT - Income TaxPenalty u/s 271D - Held that:- It is an undisputed fact that the father of the assessee and his aunti and cousin have entered into an agreement with one Nathu Lal for sale of land and on account of sale of land, a sum of ₹ 19,50,000/- was received in cash. It is also an admitted fact that the amount of ₹ 19.50 lakhs was deposited by the assessee in his bank account as the father of the assessee was not having the PAN. Moreover, the said amount was not accepted by the banker of the father. The amount was thereafter deposited in the bank account on 16.12.2008 by the assessee. Immediately after depositing the amount, the amount of ₹ 10,00,000/- was transferred to the bank account of the father of the assessee Shri Niranjan Lal Sharma and the remaining amount was deposited by the assessee through account payee cheque in the accounts of Smt. Vinita Devi W/o late Shri Mahesh Kumar and Shri Ashish Sharma son of late Shri Mahesh Kumar. The assessee has also filed an affidavit with the Assessing Officer. The father of the assessee appellant has also declared sale transaction in his Income Tax return for A.Y. 2009-10. In our view, the assessee has given a reasonable cause for receiving the amount in his account and thereafter subsequently transferred the said amount to the account of his father and also the account of aunti Smt. Vinita Sharma and in the account of Shri Ashish Sharma, cousin of the assessee. In our view, since the assessee has given a reasonable cause for not complying with the provisions of section 271D, and the reasonable cause given by the assessee is plausible, in view thereof we have no hesitation to uphold the order passed by ld. CIT (A) by virtue of which the ld. CIT (A) has deleted the penalty under section 271D. - Decided against revenue
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