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2015 (1) TMI 393 - HC - Income TaxWaiver of penalty u/s 273B - Penalty u/s 271D - Breach of Section 269SS - assessee had accepted cash deposits of ₹ 5,21,000/- from five parties otherwise than by account payee cheques or account payee bank drafts - Held that:- Tribunal has rightly held that assessee was under the bona fide believe that the transaction was not covered by Section 269SS of the Income Tax Act. Further, the Tribunal has rightly held that the lower authorities have not given any finding that these deposits represented unaccounted income of the assessee in any manner. - Tribunal has not committed any error in allowing the appeal of the assessee. We are in complete agreement with the view taken by the Tribunal - Following decision of COMMISSIONER OF INCOME-TAX AHMEDABAD IV Versus MAA KHODIYAR CONSTRUCTION [2014 (7) TMI 137 - GUJARAT HIGH COURT] - Decided against Revenue.
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