1997 (9) TMI 34

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..... ication by the assessee under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), seeking a direction to the Income-tax Appellate Tribunal (for short, "the Tribunal"), to refer the following questions : "1. Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was justified in not accepting the plea of reasonable cause and bona fide b .....

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..... 31, 1989, holding that it was not hit by the provisions of section 269SS?" The assessee derived income mainly as commission agents. The Income-tax Officer, during the assessment proceedings for the assessment year 1990-91 noticed that the assessee had accepted certain deposits in cash exceeding Rs. 20,000 in contravention of the provisions of section 269SS of the Act. He referred the matter to th .....

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..... ngs that the credits or the deposits were received from the agriculturists on the sale of their produce. It was further explained by the assessee that the deposits were in the nature of "Amanats". The assessee also argued that he was under a bona fide belief that section 269SS was not applicable to the loans and deposits taken or accepted from the agriculturists. The Deputy Commissioner, however, .....

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..... Shri Rakesh Garg, counsel for the petitioner, that the Tribunal has already submitted a statement of the case while referring a question of law to this court under section 256(1) of the Act at the instance of the Revenue, The question of law specifically relates to the cancellation of penalty of Rs. 1,42,200. Shri Garg has, therefore, argued that the assessee's petition may also be allowed in resp .....

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..... 61, on the amount of Rs. 20,000 received by the assessee from Raj Kumar and Rs. 20,000 received from Darshan Singh on the ground that those amounts were in the nature of "Amanat" and not loan or deposit within the meaning of section 269SS of the said Act?" The Tribunal is directed to send a statement of the case and refer the aforesaid question to this court.    
Case laws, Decisi .....

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