2018 (3) TMI 1469

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..... cepts loans in cash which are otherwise explainable would not absolve a party from penalty under section 271 D of the Act in absence of a reasonable cause. In the present matter it has been observed by the Commissioner (Appeals) and the Tribunal concurrently that the auditor of the respondent advised that Section 269SS of the Act are not applicable to the assessee on the ground that assessee's .....

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..... . Mr. Sharma, the learned advocate for the appellant submits that the respondent assessee has violated section 269 SS of the Income Tax Act. Accepted deposits over ₹ 20,000/in cash. The respondent assessee is situated at Pachora. The Banking facility is available. Once it is clear that section 269 SS is violated provision of section 271 D of the Income Tax Act gets attracted. Ignorance of la .....

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..... he present matter it has been observed by the Commissioner (Appeals) and the Tribunal concurrently that the auditor of the respondent advised that Section 269SS of the Act are not applicable to the assessee on the ground that assessee's business is akin to the bank. The Commissioner (Appeals) and Tribunal observed that it is based on the advise of the Auditor. The assessee believed the advi .....

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