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2018 (8) TMI 1489 - AT - Income TaxPenalty u/s. 271D r.w.s. 269SS - assessee has accepted the loan/deposit of ₹ 1. 70 crores in contravention of the provisions of section 269SS - loans accepted in an assessment u/s. 143(3) - Held that:- No penalty u/s. 271D can be levied on an assessee where the loans have been accepted in an assessment u/s. 143(3) of the Act made by the Assessing Officer as genuine. We find that in the instant case, in an assessment u/s. 143(3)of the Act, the Assessing Officer has accepted the loan as genuine and, therefore we find no good reason to interfere with the order of the CIT(A), which is hereby confirmed and ground of the revenue is dismissed. See OMEC ENGINEERS VERSUS COMMISSIONER OF INCOME-TAX [2007 (9) TMI 27 - HIGH COURT , JHARKHAND] and COMMISSIONER OF INCOME-TAX VERSUS SAINI MEDICAL STORE. [2005 (2) TMI 72 - PUNJAB AND HARYANA HIGH COURT] - decided against revenue
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