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TMI Blog2009 (12) TMI 1030X X X X Extracts X X X X X X X X Extracts X X X X ..... g to levy of penalty u/s 271D as considered by Ld. CIT (A) are as under :- 3. The facts as gathered from the record are as follows :- The assessee filed his return of income declaring a total income of ₹ 1,41,940/- along with the agricultural income of ₹ 25,000/- on 23.3.2005. Later on the case was selected for scrutiny and the assessment was completed u/s 143(3) of the Income Tax Act on 26.12.2006 on a total income of ₹ 3,91,950/-along with the agricultural income of ₹ 25,000/- During the year under consideration the appellant had purchased the agriculture land for consideration of ₹ 14,40,000/- on 31.7.2003 from Shri Mauji Ram S/o Balvant Singh R/o Vill. Khora Pargana Loni, Ghaziabad. The appellant is ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response to that, the assessee counsel filed the written explanation and submissions and further after considering it, the Additional CIT, Range-1, Meerut imposed a penalty u/s 271D of the I.Tax Act at ₹ 4,50,000/- vide his order dated 19.7.2007. 4. Before Ld. CIT (A) it was submitted as under :- (1) That as regards the loan amounting to ₹ 50,000/- from Smt. Shakuntala Devi aged about 82 years, enjoying the Agricultural Income and also getting the family pension. She is suffering from Perkinsan so she can mark her thumb impression only. She is not availing the cheque facility from Bank. Under such circumstances there was no other alternative except to give the loan in cash. Moreover she is the mother of assessee, so the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and where it is not possible to make the bank transaction as per the sweet will of the seller." 5. Ld. CIT (A) held that object of provision of section 269SS being unaccounted money . It is not applicable to any transaction which is a genuine one and in which no unaccounted money is involved. Mere technical breach will not attract the penalty u/s 271D. He also held that the assessee was in urgent need of money for purchasing agricultural land and has approached his family members for advancement of money received as temporarily advances in the immediate need of money the person normally approaches his own family members to satisfy the immediate requirement which cannot be considered as transaction to avoid payment of tax or to defraud the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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