9911796707
TMI Blog2014 (11) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as 'Act'), the assessing authority noticed cash loans received by the assessee is more than Rs. 20,000/-. Therefore, they directed initiation of penal proceedings under Section 271D of the Act in respect of cash loans to the extent of 11,06,000/- in contravention of the provisions of Section 269 SS of the Act. The assessee in reply to the proposed action filed written submissions, admitting the acceptance of the cash loans in cash as it had a commitment to make the payment of cash within 72 hours. The assessing authority was not convinced with the assessee's explanation and accordingly, levied the penalty of Rs. 11.06 Lakhs. Aggrieved by the said order, the assessee has preferred an appeal to the Commissioner of Income Tax (Appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der S.271 D of the Act is excisable in the case of the appellant when the genuineness of transaction is not disputed and explanation is not controverted?" 5. The tribunal was of the view that the assessee trust had in fact, sufficient time i.e., 40 days to mobilize the required funds by way of demand drafts/cheques , instead of resorting to receive the huge loans in cash by contravening the provisions of section 269 SS of the Act. Therefore, this appeal is filed assailing the said finding. 6. The appellate commissioner at Para NO.2 of his order has given the chart of funds relating to purchase of the CA site. The facts stated therein are not in dispute. A perusal of the said chart shows that the payment of the amount due to the KH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd clearly demonstrates a payment of Rs. 6,56,510/- towards stamp duty and a demand draft was taken and given to the KHB. They also paid a sum of Rs. 77,150/- registration charges on 01.09.2003. Subsequently the assessee has obtained the registered sale deed from Babusar Narayan Trust. The original allottee under a registered sale deed dated 24.09.2004. In fact, these facts are not in dispute. The assessee is an educational institution. They had paid the entire amount to KHB to revive the cancelled allotment and they were in tremendous pressure to pay stamp duty and registration charges and in those circumstances they have raised cash loan, deposited the amount in the bank, obtained the demand draft and handed over the same to KHB imm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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