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2023 (9) TMI 477 - ITAT AHMEDABADPenalty u/s. 271D - acceptance of cash loan in contravention of provisions of section 269SS - HELD THAT:- It is pertinent to note that since the assessee was an agriculturist and deriving income related to agricultural activities, as on salary there was no regular assessment in assessee’s case. The Assessing Officer at no point of time disputed the bank statement of the assessee wherein the amount of Rs. 1,42,000/- was transferred in The Berna Gamni Seva Sahakari Mandali Ltd. and the same was shown in the bank statement dated 26-03-2011. The transaction as well as the ledger along with the certificate was not doubted and in fact the contention of the ld. Departmental Representative that it was mismatching appears to be not correct and thus there was no cash involved in the present transaction. Therefore, section 269SS will not be applicable in the present case and the penalty levied u/s. 271D does not survive. CIT(A) as well as the AO was not correct in levying the penalty u/s. 271D - Appeal of the assessee is allowed.
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