Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 717 - AT - Income TaxLevy of penalty u/s.271E and 271D - waiver of penalty u/s 273B - period of limitation - failure to abide by Sec. 269SS and 269T - cash payments - Held that:- There is no dispute that notices issued to the assessee by the ld. ACIT, Kancheepuram u/s. 274 r.w.s. 271D and 271E of the Act were dated 31.8.2015. The penalty orders were also passed by ld. ACIT, Kancheepuram. Such penalty orders were passed on 29.02.2016 and was therefore well within the time limits. What is to be considered is the aggregate amount. No doubt by virtue of Section 273B of the Act, if an assessee could prove that the failure to abide by Sec. 269SS and 269T of the Act was for a reasonable cause then levy of penalty u/s.271D and 271E of the Act, could be excused. However, here in the case before us, first explanation of the assessee was that the amounts received were advances from its customers, so that employees of such customers who came for fueling of vehicles need not make payments in cash. Or in other words, as per the assessee it was to reduce cash handling by the workers of transporters, cab drivers etc. However, ld. ACIT has clearly demonstrated that no such adjustment against cost of fuel was ever done against the advance, on the other hand but such amounts were repaid by the assessee in cash. Coming to the contention of the ld. Authorised Representative that if the loans were disbelieved Sec. 68 of the Act alone could have been applied, ld. Assessing Officer having accepted the loans the line of argument is irrelevant. Considering these circumstances, we are of the opinion that penalty u/s. 271D as well as 271E of the Act for violation of Sec. 269SS and 269T of the Act were rightly imposed, assessee having failed to give a reasonable cause for not levying such penalty. - Decided against assessee
|