TMI Blog2021 (2) TMI 275X X X X Extracts X X X X X X X X Extracts X X X X ..... to be made with C.B. Oswal, for which, the advance amount was paid in cash to the assessee. That however, when this transaction did not materialize, the assessee refunded the said amount of ₹ 5,00,000/- in cheque back to C.B. Oswal. These facts were never enquired or examined or verified by the Department. Section 269SS refers to the loan or deposit received in cash and since it was an advance taken, the amount, therefore would not be within the rigours of Section 269SS of the Act and hence, there cannot be any penalty leviable u/s. 271D of the Act on the assessee. Assessee could not be penalized for the inaction of the Department in verifying the facts of the case wherein both the Assessing Officer and the CIT(Appeal) has made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings. 2. Though the assessee has raised multiple grounds of appeal, the crux of the grievance of the assessee in this appeal is with regard to imposition of penalty of ₹ 5,00,000/- u/s. 271D of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. The brief facts in this case are that the assessee is an individual and agriculturist engaged as retailer in the sale of sweets and namkin etc. The assessee has filed return of income for assessment year 2012-13 on 30.03.2013 declaring total income of ₹ 4,24,716/-. The case was selected for scrutiny. During the course of assessment proceedings, the Assessing Officer, Pune called for the details of unsecured loans accepted during the year. The Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cheque was only an advance and not loan or deposit. The Ld. CIT(Appeals) even suspected or disbelieved the written confirmation filed by the assessee which was issued by C.B. Oswal regarding entire transaction. 6. We have perused the case records and heard the rival contentions. That from the orders of the sub ordinate Authorities, it is crystal clear that though on one hand, they disbelieved the evidences placed on record specifically confirmation letter of C.B. Oswal, however, they themselves have not conducted any specific enquiry or examination with regard to the facts of the case. The entire addition has been made on the premises of guess work and suspicion. It is the contention of the assessee that some land sale transactions were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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