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Commissioner of Income Tax, Shimla Versus Amar Nath

2015 (11) TMI 804 - HIMACHAL PRADESH HIGH COURT

Penalty u/s 271D - whether there was ‘reasonable cause’ to accept the said loan in cash, or some bonafide reason due to which the assessee did not obtain the loan in accordance with section 269SS? - ITAT delted the penalty - Held that:- The assessee is a wholesale dealer of fast food goods, manufactured or marketed by various agencies and companies of national repute/Multi National Companies. For clearance of certain cheques, which stood issued in advance, as per market procedure, money had to b .....

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g illegal or unusual about the same. Hence, findings of fact, cannot be said to be perverse or not borne out from the record. Statement made by the assessee cannot be said to be incorrect, for the authorities below, concurrently found the same to be plausible and correct - Decided in favour of assessee. - ITA No. 4014 of 2013 - Dated:- 5-10-2015 - Sanjay Karol And P. S. Rana, JJ. For the Appellant : Mr. Vinay Kuthiala, Senior Advocate, with Mr. Diwan Singh Negi, Advocate For the Respondent : Mr. .....

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ay be allowed to see the judgment? amounting to ₹ 13,15,000/-, from one Shri Rajesh Anand. Finding the assessee to have breached, rather willfully, provisions of Section 269SS, the Income Tax Officer, by virtue of his power, under the provisions of Section 271D of the Act, imposed penalty of the like amount. In an appeal filed by the assessee, such order stood reversed by the Commissioner of Income Tax (Appeals), Shimla, Himachal Pradesh and such action affirmed, in terms of the impugned o .....

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of cheques can be construed as reasonable cause within the meaning of Section 273B of the Act? 4. What is the reasonable cause is a question of fact. In the instant case, the fact finding authorities have found the assessee to have explained the circumstances, under which, being emergent in nature, he had to borrow money in cash. It is also a matter of record that the amount stood repaid within one month and much prior to the date of initiation of the impugned action. It is also not the case of .....

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ds established that after deposit of the amount, so borrowed in cash, the cheques issued in favour of the drawee stood cleared. Instead of availing the Cash Credit limit, for which the assessee was required to pay interest, he chose to borrow the amount from his near relation and deposit it in his account. There is nothing illegal or unusual about the same. Hence, findings of fact, cannot be said to be perverse or not borne out from the record. Statement made by the assessee cannot be said to be .....

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