Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (4) TMI 920 - ITAT PUNE

2015 (4) TMI 920 - ITAT PUNE - TMI - Penalty u/s.271D - acceptance of loan in cash - violation of the provisions of section 269SS - Held that:- Respectfully following the decision of the Hon’ble jurisdictional High Court cited in Madhukar B. Pawar [2008 (6) TMI 321 - BOMBAY HIGH COURT ] we hold that penalty u/s.271D is not leviable on account of cash loan of ₹ 20,000/- received from Shri Ravindra by the assessee since the loan is not in excess of ₹ 20,000/-. The AO is accordingly dir .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

aring in the notings in the seized diary, then the Assessing Officer has to delete the penalty u/s.271D on account of cash loan of ₹ 80,000/- received from the above mentioned person. We hold and direct accordingly.

So far as the cash loan of ₹ 1 lakh received from Shri Patil Saheb of Jalgaon is concerned, the Ld. Counsel for the assessee fairly conceded that there is violation of provisions of section 269SS. We, therefore, uphold the levy of penalty u/s.271D on account of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ar as the amount of ₹ 50,000/- received from Smt.Latadevi Malpani, ₹ 50,000/- from Smt.Neetadevi Malpani, ₹ 50,000/- from Smt.Rupali Malpani and ₹ 1,20,000/- from Shri Sonali Malpani are concerned in view of the submission of the Ld. Counsel for the assessee the amounts are taken from different persons not exceeding ₹ 20,000/- in each case, the same are restored to the file of the AO with a direction to verify from the seized diary and take appropriate decision as p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

opinion there exists reasonable cause for accepting such cash loan from the agriculturists having no banking facility and the Assessing Officer is directed to cancel the penalty u/s.271D.

So far as the amount of ₹ 1,40,000/- received from Shri S.L. Patil is concerned it is the submission of the Ld. Counsel for the assessee that he has received an amount of ₹ 80,000/- by account payee cheque from Shri S.L. Patil and the loan of ₹ 60,000/- has been added by the AO u/s. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the issue afresh in accordance with law after giving due opportunity of being heard to the assessee.

So far as the amount of ₹ 50,000/- received from Shri Jambo Seth and ₹ 6 lakhs from Shri Jyoti Mahajan are concerned in absence of any satisfactory explanation given by the assessee regarding non levy of penalty u/s.271D we uphold the order of the CIT(A) confirming the levy of penalty on the above amounts. Since according to the Ld. Counsel for the assessee, no penalty has .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

For the sake of convenience, all these appeals were heard together and are being disposed of by this common order. 2. The above 3 appeals were earlier dismissed by the Tribunal vide order dated 03-05-2012 for non-appearance. Subsequently, the Tribunal vide order dated 01-11-2013 recalled the earlier order. Hence these are recalled matters. 3. The assessee in the above 3 appeals has challenged the order of the CIT(A) confirming the levy of penalty u/s.271D amounting to ₹ 2 lakhs for A.Y. 20 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

aged in the business of money lending. During the course of search 2 long pads and diaries were found and seized wherein it was seen that the group was collecting loans in cash from various persons in violation of provisions of section 269SS. The AO informed the JCIT, Central Range, Nashik about the acceptance of loan in cash amounting to ₹ 2 lakhs during previous year relevant to the impugned assessment year. The JCIT, therefore, issued a show cause notice to the assessee asking him to ex .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

vity of the assessee HUF and main source of income was agriculture. Further, all the transactions of accepting loans from various persons are genuine and the same were found noted in the seized diary maintained by Karta of the HUF. Relying on various decisions it was submitted that there was reasonable cause in accepting loan in cash from various persons. 5. However, the JCIT was not satisfied with the explanation given by the assessee. He observed that the assessee has received loans in cash fr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

T(A) as were made before the JCIT. The Ld.CIT(A) was also not convinced with the explanation given by the assessee and upheld the penalty levied u/s.271D of the I.T. Act by the JCIT. 7. Aggrieved with such order of the CIT(A) the assessee is in appeal before us. 8. The Ld. Counsel for the assessee drew the attention of the Bench to page 11 of the paper book which gives the details of loans taken by the assessee during the impugned assessment year and which reads as under : Name of the Depositor/ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ble, the Ld. Counsel for the assessee submitted that the amount of ₹ 20,000/- received from Shri Ravindra cannot be said to be in violation of provisions of section 269SS in view of the decision of Hon ble Bombay High Court in the case of CIT Vs. Madhukar B. Pawar where it has been held that in view of CBDT Circular No.572 dated 03- 09-1990 penalty u/s.271D can be levied only in a case where the loan or deposit is taken in cash in excess of ₹ 20,000/-. Penalty u/s.271D is not leviabl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

es not appear in the notings of the seized diary. Therefore, he has no objection if the matter is sent back to the file of the AO with a direction to verify the same. If the name of the person does not appear in the seized diary, then the penalty so levied has to be cancelled. 8.2 So far as ₹ 1 lakh received from Shri Patil Saheb of Jalgaon is concerned, he submitted that although the AO has made addition u/s.68, however, the Ld.CIT(A) has deleted the addition and therefore, there is viola .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ming the levy of penalty u/s.271D has to be upheld. 10. We have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the CIT(A) and the Paper Book filed on behalf of the assessee. We have also considered the various decisions cited before us. So far as the amount of ₹ 20,000/- received in cash from Shri Ravindra on 29-03-2003 is concerned, we find the Hon ble Bombay High Court in the case of Madhukar B. Pawar (Supra) had an occasion to deci .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

character and are binding on the Departmental authorities. The authorities including AO and other consequently would be bound by that circular. In the instant case, CBDT for the purpose of attracting s. 271D has set out that the loan or deposit should be in excess of ₹ 20,000. It is true that what CBDT has stated may be contrary to the express language of s. 269SS which uses the expression "twenty thousand rupees or more". The law and the CBDT circulars can be spelled out from th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

: (1999) 237 ITR 889 (SC), the law was restated and it was held that circulars of CBDT are legally binding on the Revenue and this binding character attaches to the circulars even if they be found not in accordance with the correct interpretation of the section and they depart or deviate from such construction, when they are issued in exercise of the statutory powers under s. 119. It was however clarified that the Board cannot pre-empt a judicial interpretation of the scope and ambit of the prov .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

an argument that it is contrary to that interpretation. 5. Considering the circular issued by the CBDT and the loan being not in excess of ₹ 20,000 from each person the interpretation given by the Tribunal to the said circular, the question of law does not arise and consequently, the said appeal is dismissed. The AO could not have acted contrary to the circular. 10.1 Respectfully following the decision of the Hon ble jurisdictional High Court cited (Supra) we hold that penalty u/s.271D is .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

herefore, direct the Assessing Officer to verify the notings in the seized diary found during the course of search. In case the name of the above mentioned person is not appearing in the notings in the seized diary, then the Assessing Officer has to delete the penalty u/s.271D on account of cash loan of ₹ 80,000/- received from the above mentioned person. We hold and direct accordingly. 10.3 So far as the cash loan of ₹ 1 lakh received from Shri Patil Saheb of Jalgaon is concerned, t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f ₹ 15,27,000/- from various persons the details of which are as under : SR.NO. PARTY DETAILS Day Date Amount 1 JAMBO SETH Thursday 01:01.2004 50000 2 JYOTI MAHAJAN Friday 27.02.2004 600000 3 KALPANA R.PATIL Friday 12.03.2004 20000 4 LATADEVI MALPANI Tuesday 01.04.2003 50000 5 NITA DEVI MALPANI Tuesday 01.04.2003 50000 6 RAMESH PAWAR REKHA PATIL Saturday 26.07.2003 50000 7 RUPALI MALPANI Tuesday 01.04.2003 50000 8 SHIVAJI M.KOTHAWADE Tuesday 06.01.2004 130000 9 S.LPATIL Thursday Tuesday 01 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ld not be levied. 12.2 On the basis of various submissions made by the assessee, the JCIT noted that the assessee has received an amount of ₹ 50,000/- from S.L. Patil and ₹ 90,000/- from Mrs. Sujata Bhamre which has been added by the AO u/s.68 of the I.T. Act. Similarly, an amount of ₹ 50,000/- from Smt. Sonali Malpani and ₹ 80,000/- from Shri S.I. Patil were received by account payee cheques have been added by the AO u/s.68 of the I.T. Act. Therefore, he held that penalt .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

awar which are as under : Name of the Depositor/lender Date as per A.O. Amount as per A.O. Remark Jambo Seth 1/1/4 50,000 The lender is retired person and not having taxable income. Further, the amount was repaid by A/c. payee cheque in F.Y. 2007-08 Jyoti Mahajan 27/2/04 6,00,000 Lender is Agriculturists and having no banking facility at her village Kalpana R. Patil 12/3/04 20,000 The amount is not exceeding ₹ 20,000/- and as held by Rajasthan High Court and various other courts, no contra .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amounts were received as follows : Shri S.R. Pawar HUF - ₹ 16,000/- M/s. S.R. Pawar (Debtors Diary) - ₹ 19,000/- M/s. R.S. Pawar (Debtors Diary - ₹ 15,000/- Accordingly, the entries were made in the books of accounts prepared and accepted by the A.O. in assessment proceedings. The transactions are also reflected in above manner by the lender in her books of account and return filed. Ramesh Pawar (Rekha Patil) 26/7/03 50,000 The lender is agriculturist, like the assessee s HUF a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

er is agriculturist, like the assessee s HUF and is residing at Desherwade Tal. Sakri, Dist. Dhule. No banking facility available in the village. S.L. Patil 1/1/04 13/1/04 60,000 80,000 The A.O. has taxed the amount of ₹ 60,000/- as unexplained cash credit in assessment order passed u/s.143(3) r.w.s. 153C. Further, the amount of ₹ 80,000/- has been received by A/c. Payee Cheque by M/s. R.S. Pawar. This fact of cheque payment is mentioned in seized diary. Therefore the assessee is not .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

UF - ₹ 19,000/- M/s. S.R. Pawar (Debtors Diary) - ₹ 18,000/- M/s. Pawar Jewellers (Debtors Diary) - ₹ 16,000/- Accordingly, the entries were made in the books of accounts prepared and accepted by the A.O. in assessment proceedings. The transactions are also reflected in above manner by the lender Jagganath N. Pawar 26/6/03 17/12/03 1,60,000 Actual amount received is ₹ 16,000/- and not ₹ 1,60,000/- as per seized diary. Further an amount of ₹ 1000/- was taken an .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ble Bombay High Court in the case of Madhukar B. Pawar, no penalty u/s.271D can be levied on account of cash loan of ₹ 20,000/- received from Smt. Kalpana R. Patil. 12.5 So far as the amount of ₹ 50,000/- taken from Latadevi Malpani in cash is concerned he submitted that the above amounts were received from S.R. Pawar HUF-Rs.16,000/-, ₹ 16,000 from S.R. Pawar (Debtors Diary) and ₹ 18,000/- from R.S. Pawar. 12.6 Referring to page 64 of the paper book he drew the attention .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

t of ₹ 50,000/- from Shri Ramesh D. Pawar received in cash on 26-07-2003 is concerned he submitted that the lender is an agriculturist like the assessee HUF and has resided at a remote village having no banking facility. Under these circumstances, there was a reasonable cause for accepting the cash loan. Therefore, the same has to be deleted. He however submitted that the issue of having no banking facility in the village of the lender Shri Ramesh D. Pawar can be set-aside to the file of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

77; 1,40,000/- taken from Shri S.L. Patil is concerned he submitted that out of the above amount the assessee has received an amount of ₹ 80,000/- by account payee cheque in the name of M/s. R.S. Pawar. This fact of cheque payment is mentioned in the seized diary, therefore, no penalty is leviable. So far as the balance amount of ₹ 60,000/- is concerned he submitted that the amount has already been taxed by the AO u/s.68 of the Income Tax Act and therefore, no penalty u/s.271D is lev .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amount was only ₹ 17,000/-. Further, the amount is also less than ₹ 20,000/-, therefore, this issue also can be set aside to the file of the AO with a direction to verify from the seized diary and thereafter to delete the penalty. 12.9 As regards the amount of ₹ 60,000/- from Mrs. Jyoti Mahajan is concerned, he submitted that the lender is an agriculturist and has got no banking facility at her village. He, however, expressed his inability to substantiate the same with support .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the sides, perused the orders of the Assessing Officer and the CIT(A) and the Paper Book filed on behalf of the assessee. We have also considered the various decisions cited before us. So far as the amount of ₹ 20,000/- received in cash on 12-03-2004 from Smt. Kalpana R. Patil is concerned the same has to be deleted in view of the decision of Hon ble Bombay High Court in the case of Madhukar D. Pawar (Supra) which has already been incorporated at para 10 of the impugned order vide ITA No. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

me are restored to the file of the AO with a direction to verify from the seized diary and take appropriate decision as per law and facts after giving due opportunity of being heard to the assessee. 14.2 So far as the amount of ₹ 50,000/- received from Shri Ramesh D. Pawar and ₹ 1,30,000/- from Shri Shivaji Kothawade are concerned the same is restored to the file of the AO with a direction to verify the submission of the Ld. Counsel for the assessee that the above persons are agricul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/- by account payee cheque from Shri S.L. Patil and the loan of ₹ 60,000/- has been added by the AO u/s.68 of the I.T. Act. Similarly, it is the submission of the Ld. Counsel for the assessee that the amount of ₹ 1,60,000/- received from Mr. Jagannath Pawar is not correct and it is only ₹ 16,000/- as per the seized diary and the assessee has taken further loan of ₹ 1000/- which was also repaid. We, therefore, restore this issue to the file of the AO with a direction to ve .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ming the levy of penalty on the above amounts. Since according to the Ld. Counsel for the assessee, no penalty has been levied in the case of loan from Smt. Sujata Bhamre, we are not dealing with this issue. 15. The appeal filed by the assessee for the above assessment year is accordingly partly allowed for statistical purposes. ITA No.343/PN/2011 (A.Y. 2005-06) : 16. Facts of the case, in brief, are that the AO vide his letter dated 27- 03-2008 intimated to the JCIT that the assessee has receiv .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and considering certain amounts to be less than ₹ 20,000/- he deleted the penalty u/s.271D on account of cash loans accepted by the assessee to the tune of ₹ 14,78,200/-. He accordingly levied penalty of ₹ 1,58,95,000/- u/s.271D of the I.T. Act on the balance amount. In appeal the Ld.CIT(A) confirmed the penalty so levied by the JCIT. Aggrieved with such order of the CIT(A) the assessee is in appeal before us. 16.1 The Ld. Counsel for the assessee filed the following chart giv .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. A.R. Salunke 20/12/04 7,25,000 The lender is agriculturist, amount actually belongs to Vinayak Borse Asha Bahalkar 1/6/04 20,000 The amount is not exceeding ₹ 20,000/- and as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. Asha G. Hinge 1/1/05 12/12/04 50,000 25,000 Amount accepted on Sunday . Ashok B. Vaidya 12/12/04 40,000 Amount accepted on Sunday . Lender was .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

000 AS amount ₹ 15000/-which is not exceeding ₹ 20,000/- and as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. Balu A. Dandagavhal 22/1/5 20,000 AS amount ₹ 20000/-which is not exceeding ₹ 20,000/- and as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. The A.O. taxed the amount as unexplained cash credit in assessment order u/s.143(3) r.w.s.15 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

00/- as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. Bhausingh F. Pawar 25/1/05 42,000 The A.O. taxed the amount as unexplained cash credit in assessment order u/s.143(3) r.w.s.153C Bhila D. Tisge 22/12/04 60,000 The lender is agriculturist, like the assessee s HUF. The A.O. taxed the amount as unexplained cash credit in assessment order u/s.143(3) r.w.s.153C Bindu Joshi 5/12/04 40,000 Amount accepted on Sunday B.N. Wani 25/11/0 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

/05 1/1/05 1/1/05 1,00,000 1,00,000 4,00,000 2,00,000 First two payment reed, on Sunday. ..............do.............. Dinesh Wani 19/7/04 10/6/04 20,000 2,60,000 In respect of ₹ 20000/- as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. Dhanraj D. Patil 22/1/05 85,000 - Dharmendra Sonawane 1/12/04 13/12/04 1/12/04 15/12/04 1,00,000 40,000 36,000 12,000 The lender is agriculturist, like the assessee's H.U.F. In respect o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

urist. Govind Sonje 15/1/05 1,65,000 As per affidavit amount belongs to two ladies, who are housewives. G.V. Malpure 28/12/04 1,00,000 The lender is agriculturist, like the assessee's H.U.F. and is residing at village Kalwan Hari Hareshwar 14/12/04 50,000 Occupation is Bhikshuki. Said a/c belong to joshi Guruji, Amount of ₹ 9000/- added in income. Hinge Madam 1/1/05 2,00,000 She is pensioner . Hirachand P. Kothari 7/1/05 1,00,000 - Indubai Tatar 4/I 2/04 23,000 Housewife No Bank A/c. N .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

500/-. Further the A.O. has taxed the amount ₹ 19500/- as unexplained cash credit in assessment order passed u/s, 143(3) r.w.s. 153C. Jaiprakash Jadhav 22/12/04 22/12/04 22/12/04 20/12/04 6/12/04 12/12/04 45,000 1,00,000 55,000 50,000 50,000 50,000 The Amount of ₹ 50000/- on 12-12-2004 is received on Sunday. Lender now expired. Joshi Guruji 15/12/04 18/12/04 6,700 7,000 Occupation - Bhikshuki. As amount is less than ₹ 20000/- as held by Rajasthan High Court and various other co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he assessee's H.U.F. As amount not exceeding ₹ 20000/- as held by Rajasthan High Court and various other courts, no contravention of revisions of section 269SS resulted, 'he A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s.143(3) r.w.s.153C Kiran G. Bhavsar 19/12/04 60,000 Amount accepted on Sunday . The lender is agriculturist, like the assessee's H.U.F. Kishor C. C. 12/11/04 10,000 The lender is agriculturist, like the Amrutkar 11/12/04 10,0 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Retired person Madhukar Mangle 12/11/04 50,000 Retired person. The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s.143(3) r.w.s.153C Madhukar Pawar 1/1/05 1,20,000 The lender is agriculturist, like the assessee s HUF is close relative of Pawar family. In view of Pune Tribunal s decision in the case of Kasaliwal, no penalty leviable. Mangla D. Bhamre 5/12/04 5/12/04 10/12/04 3,50,000 30,000 30,000 The lender is agriculturist, like the assessee s HUF. In respect .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d various other courts, no contravention of provisions of section 269SS resulted. Manohar H. 27/12/04 60,000 The lender is agriculturist, like the Chaudhari assessee's H.U.F. M.D. Bhamre 1/10/04 50,000 The lender is agriculturist, like the assessee's H.U.F. Amount received on Sunday. Meerabai Hire 14/12/04 11/12/04 80,000 20,000 The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. In respect of amount up to ₹ 20000/- as held b .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. The lender is agriculturist, like the assessee s HUF. Narendra Maharaj 5/1/05 20,000 The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. Amount received on Sunday. In respect of amount upto 20,0000/- as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted Narendra O. Mali 2/1/05 60,000 Amount rec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

9SS resulted Parul J. Doshi 12/8/04 20,000 The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. In respect of amount upto 20,0000/- as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted Prakash R. Khairnar 25/12/04 2,00,000 Retired Person. The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. Premabai G. Sisodia 6/12/04 1,00,0 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

U.F. Ramesh D. Bramhankar 4/12/04 1/12/04 3/12/04 1/12/04 30,000 50,000 50,000 80,000. Retired Person Ramesh Pawar ( Rekha Patil ) 14/1/05 70,000 The lender is agriculturist, like the assessee's H.U.F. and is residing at Saundane Ram Pophale 7/12/04 21/12/04 11/12/04 1,74,000 94,000 36,000 Private Service. R.B Suryawanshi Sir 1/2/05 1,75,000 The lender is agriculturist, like the assessee's H.U.F. is residing at Mungse village. Sandhya Shah (Kaka) 1/1/05 50,000 The A.O. has taxed the amou .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

red Person. Shashi Hinge 15/4/04 68,000 The lender is agriculturist, like the assessee's H.U.F. The A.O. has taxed he amount of ₹ 50,000/- as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 53C.Retired Person. Sheetal Y Mahurkar 6/12/04 70,000 Housewife. Shivaji T. Patil 27/4/04 41,000 The lender is agriculturist, like the assessee's H.U.F. Shivaji V. Pawar 9/1/05 4,00,000 Retired Person. Amount received on Sunday. Seema Hinge 16/11/04 4/12/04 62,000 30,000 Se .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

see's H.U.F .Amount of ₹ 17,000 /- already taxed as unexplained cash credit in assessment proceedings. In respect of amount of ₹ 18,000/- as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted, being amount less than ₹ 20000/-. Subhash Kankrej Sir 1/1/05 1,00,000 20,000 The A.O. has taxed the amount as unexplained cash credit in assessment order passed u/s. 143(3) r.w.s. 153C. In respect of amount up to ₹ 200 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the assessee's H.U.F.Amount already taxed as unexplained cash credit in assessment proceedings. Sunita A. Desale 23/12/04 1,60,000 The lender is agriculturist, like the assessee's H.U.F. is residing at Kalwadi village. 22 Surekha Kshirsagar 12/12/04 2/12/04 17,000 7,000 Amount Rs.l7000/- received on Sunday. Amount already taxed as unexplained cash credit in assessment proceedings. Surekha N. Patil 1/12/04 90,000 The lender is agriculturist, like the assessee's H.U.F. Amount ₹ .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Bafana 24/7/04 50,000 Amount already taxed as unexplained cash credit in assessment proceedings. , Tarabai Wankhede 21/1/05 30,000 The lender is agriculturist, like the assessee's H.U.F. She is Housewife. Tatya Eknath 12/12/04 6/12/04 14/12/04 25/12/04 25/12/04 24/12/04 50,000 1,00,000 1,00,000 1,50,000 2,00,000 1,80,000 In respect entry dtd. 12-12-2004 for ₹ 50,000/- amount received on Sunday. As per affidavit submitted amount belongs to Shri Rajendra Vlahajan , Agriculturists, residi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

05 50,000 Amount already taxed as unexplained cash credit in assessment proceedings. Vaishali G. Sonje 20/12/04 27/12/04 27/12/04 14/12/04 27/1/05 1/10/04 1/12/04 1 8,000 12,000 5,000 30,000 35,000 24,000 2,000 In respect of amount up to ₹ 20,000/-as held by Rajasthan High Court and various other courts, no contravention of provisions of section 269SS resulted. Vijay A. Yeola 17/10/04 90,000 Amount accepted on Sunday. Vijay Bhandarkar 7/12/04 17/12/04 1,10,000 1,00,000 He is residing at Ka .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

1,00,000 70,000 80,000 1,00,000 The lender is agriculturist, like the assessee's H.U.F. is residing at Vadgaon village ,where no banking facilities are available. Yamunabai Bhosale 1/1/05 4,00,000 The lender is agriculturist, like the assessee's H.U.F. Yashwant B. Gaikwad. 2/11/04 4,00,000 The lender is agriculturist, like the assessee's H.U.F. 16.2 Referring to the above table, he submitted that penalty has been levied on account of cash loan of ₹ 20,000/- each accepted from S .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

here was reasonable cause on the part of the assessee for accepting cash loan from the above lenders and therefore no penalty u/s.271D is leviable. 1. Shri Anant P. More - ₹ 26,000/- 2. Shri Anjanabai Chaudhari - ₹ 25,000/- 3. Shri Baijabai P. Deore - ₹ 50,000/- He however submitted that he has no objection if the above issue is restored to the file of the AO with a direction to verify and after being satisfied that they are agriculturists and were not having banking facility i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

mitted that the CIT(A) has already deleted the same. 16.5 So far as the various other amounts as appearing in the table filed by him he submitted that in certain other cases the lenders are agriculturists. Therefore, a lenient view should be taken and no penalty u/s.271D should be levied. Referring to the said chart he submitted that in certain cases even when the amount of cash loan is less than ₹ 20,000/- the AO has levied penalty and therefore he may be directed to cancel the penalty on .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

opriate decision may be taken. 17. The Ld. Departmental Representative on the other hand heavily relied on the order of the CIT(A). 18. We have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the CIT(A) and the Paper Book filed on behalf of the assessee. We have also considered the various decisions cited before us. So far as the amount of ₹ 20,000/- each received from Shri Asha Bahalkar, Balu Dandagavhal, Smt. Kamalabai K. Patil, Shri .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

wing cases, the assessee has submitted that the lenders are agriculturists and were not having banking facility in their respective villages : 1. Shri Anant P. More - ₹ 26,000/- 2. Shri Anjanabai Chaudhari - ₹ 25,000/- 3. Shri Baijabai P. Deore - ₹ 50,000/- We therefore restore the issue to the file of the AO with a direction to decide the issue afresh in the case of the above persons and decide the issue as per fact and law after giving due opportunity of being heard to the as .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version