TMI Blog2002 (7) TMI 414X X X X Extracts X X X X X X X X Extracts X X X X ..... 14-2-1997 for assessment year 1995-96 wherein the learned CIT(A) has cancelled the penalty of Rs. 1,05,000 levied under section 271D of the Income-tax Act, 1961. 2. Short facts of the case are that during the course of processing of income-tax return under section 143(1)(a) for assessment year 1995-96, the Assessing Officer noticed that the assessee firm has repaid deposits in cash to the follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder bona fide belief that repayments of cash deposits or loan within Rs. 20,000 would not attract the provisions of section 269T. The Assessing Officer was not satisfied with the explanation and levied the impugned penalty of Rs. 1,05,000. 3. The learned CIT(A) has cancelled the penalty following the decision of the Hon ble Supreme Court in the case of Hindustan Steel (P.) Ltd. v. State of Oris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 258 wherein it is held as under : "The object of introducing section 269SS is to ensure that a taxpayer is not allowed to give false explanation for his unaccounted money, or if he makes some false entries, he shall not escape by giving false explanation for the same. During search and seizures, unaccounted money is unearthed and the taxpayer would usually give the explanation that he had borrow ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
