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2019 (4) TMI 209 - AT - Income TaxPenalty u/s 271D - acceptance of cash by appellant from its (HUF) - scope expression "any other person" appearing in s. 269SS - appellant himself as well as the Karta of his own H.U.F i.e. Ranjit Roy (HUF)have control of funds - HELD THAT:- The acceptance of the financial accommodation from Ranjit Roy (HUF) by the assessee does not fall within the purview of provisions of s. 269SS of the Act as the appellant is acting in a dual capacity being the appellant himself as well as the Karta of his own H.U.F i.e. Ranjit Roy (HUF) and there being common control of funds with the assessee. Thus there is no infringement of the provision of s. 269SS of the Income Tax Act, 1961. We note that the approach of the AO in resorting to levy of the impugned penalty in the sum of ₹ 4,50,000/- is thoroughly unfounded in the circumstances and based on unconnected considerations not relevant to the issue in dispute which is untenable in law and accordingly, such specious action in that respect cannot survive for judicial scrutiny and the ld. Commissioner (Appeals) was absolutely wrong in upholding such impugned levy in a preposterous manner without appreciating the facts and circumstances of the instant case in the proper perspective and acted beyond the pale of law - appeal of the assessee is allowed
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