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2015 (12) TMI 1363 - ITAT MUMBAI

2015 (12) TMI 1363 - ITAT MUMBAI - TMI - Penalty order u/s 271D - Bar of limitation for imposing penalties - Held that:- The original assessment order had been passed on 30.11.2010 on which date the AO proposed to initiate penalty proceedings u/s 271D had been initiated. The notice u/s 271(D) was also issued on the said date. The penalty order u/s 271D has been passed on 08.06.2011. The relevant financial year during which the assessment order was completed ends on 31.03.2011. The period of six .....

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. In the light of the above decision, the order dated 08.06.2011 is hit by the bar of limitation as prescribed in clause(c) of section 275(1) of the Act and the same is accordingly set aside. - Decided in favour of assessee

Penalty u/s 271D - ₹ 40,000/- i.e. the amount equal to the amount of cash loan accepted by the assessee - Held that:- The assessee has explained that the assessee lady has been engaged in the profession of tailoring. She had no intention to contravene the pro .....

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ach the provisions of law while accepting loan of ₹ 40,000/- from her daughter in law, we do not find it a fit case for levy of penalty u/s 271D of the Act. The same is accordingly ordered to be deleted.- Decided in favour of assessee - ITA Nos.1080 & 1076/M/2013 - Dated:- 30-6-2015 - SHRI SANJAY ARORA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER For The Assessee : Shri Jitendra Singh, A.R. & Ms. Neha Paranjpe, A.R. For The Revenue : Shri Premanand. J, D.R. ORDER Per Sanjay .....

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y order is barred by limitation. At the outset, the Ld. AR of the assessee has submitted that the penalty order dated 08.06.2011 of the Assessing Officer (hereinafter referred to as the AO) is barred by limitation as provided under section 275(1) (c) of the Income Tax Act. The relevant part of the section 275(1), for the sake of convenience is reproduced as under: Bar of limitation for imposing penalties. 275 (1) No order imposing a penalty under this Chapter shall be passed- (a) in a case where .....

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eals) or, as the case may be, the Appellate Tribunal is received by the Chief Commissioner or Commissioner, whichever period expires later; (b) in a case where the relevant assessment or other order is the subjectmatter of revision under section 263, after the expiry of six months from the end of the month in which such order of revision is passed; (c) in any other case, after the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty h .....

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relevant financial year during which the assessment order was completed ends on 31.03.2011. The period of six months from the end of the month in which the action for initiation of penalty proceedings expires on 30.05. 2011. The Hon ble Rajasthan High Court in the case of CIT vs. Jitendra Singh rathore [2013] 352 ITR 327 has held that the six month period for the purpose of clause (c) of section 275(1) of the Act is to be computed from the date of issue of first show cause notice by the AO and .....

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under the provisions of the Act. So the additional Ground pleading that the penalty order being barred by limitation is hereby dismissed. 5. Now coming to the merits of the case, the assessing officer during the course of assessment proceedings for the A.y.2008-09 came to knowledge of the fact that the assessee had received cash loan of ₹ 40,000/- in the Financial Year 2006-07 relevant to AY 2007-08. Consequent to the reference made by the Assessing officer, notice was issued to the asses .....

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