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2018 (9) TMI 1409 - AT - Income TaxPenalty u/s 271D - change of stand by the Revenue - nature of transaction - assessee had advanced the money from unaccounted sources and assessed the same as undisclosed income in the hands of the assessee - Held that:- Department has taken two different stands i. e. while framing the assessment it was held as the monies advanced and assessed as undisclosed income and when the appellate authorities deleted the addition holding that the said sum represents loans borrowed, the department has made the ‘U’ turn and initiated penalty proceedings u/s 271D. The department is expected to take the consistent view on the facts of the case but not resort to approbate and reprobate stands. The department having held that he assessee has advances the sums outside the books of accounts on two rounds of appeal cannot hold that the said sum represents the loans accepted in cash without bringing the tangible evidence. On the similar facts in the case of Commissioner of Income-tax Vs. Standard Brands Ltd [2006 (7) TMI 126 - DELHI HIGH COURT] held that the Revenue could not on the one hand, contend that the amount as undisclosed income in the hands of the assessee and at the same time seek to initiate proceedings against the assessee for violation of the provisions of section 269SS of the Act which deals with cash deposits or loans in excess of ₹ 20, 000/-. - Thus we cancel the penalty levied u/s 271D of the Act and uphold the order of the CIT(A). - Decided in favour of assessee
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