TMI Blog2011 (7) TMI 1360X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the delay. Having regard to the submissions made in the said petition, we condone the delay and admit the appeal for hearing. 2. The penalty of ₹ 9,39,000/- levied under section 271D of the Act, having been deleted by the learned CIT (A), the revenue is in appeal before us. The assessee has filed cross objection in support of the order of the learned CIT (A). 3. The facts relating to the issue are stated in brief. It was noticed by the Assessing Officer that the assessee has received loans in cash on various days during the year under consideration from his family members, which in aggregate exceeded the limit of ₹ 20,000/- prescribed under section 269SS of the Act, even though the amount taken in each occasion was le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... father died in the year 2002 as was a patient with prolonged illness. Hence the assessee was under the care of his Grand Father named Shri B. Ramaraju right from his childhood and the financial affairs of all the family members are looked after by Shri B. Rama Raju. The impugned transactions of transfer of funds were also carried out by the grand father of the assessee under the bonafide impression that the amounts could be given in cash if the same does not exceed ₹ 20,000/- on each occasion. Accordingly the learned Authorised Representative submitted that there was a reasonable cause in accepting these amounts by way of cash in violation of Sec. 269SS of the Act. 6. We have heard the rival contentions and carefully perused the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of the Act relating to transactions involving acceptance and repayment of loans and deposits in cash exceeding the prescribed limit of ₹ 20,000/-. No doubt, such grant father of the appellant along with other members of his family including the appellant were not the first time assessees but had been enrolled as assessees from the earlier years, and, perhaps, might have obtained the services of any tax practitioner in filing their past returns. But then some times, it so happens that the assessees tend to undertake transactions in certain situations with their limited knowledge of the legal provisions and procedure, without realizing that their misplaced action could leading to defaults, thereby attracting penal provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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