9911796707
TMI Blog2021 (7) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 1,58,00,000/- was confirmed. 2. Assessee has raised several grounds of appeal submitting that there is no violation of provision u/s 269SS of the Act and the penalty levied u/s 271D of the Act of Rs. 158,00,000/- upheld by the ld CIT(A) requires to be deleted. 3. The assessee has raised the following grounds of appeal:- "1. That order dated 10.5.2018 under section 27ID of the Act was barred by limitation and therefore, deserved to be quashed as such. 2. That the learned Commissioner of Income Tax (Appeals)-8, New Delhi has erred both in law and on facts in upholding the levy of penalty of Rs. 1,58,00,000/- u/s 27 ID of the Act. 2.1. That the learned Commissioner of Income Tax (Appeals) has erred both in law and on facts in con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd reasonable opportunity, thereby violating the principles of natural justice. It is therefore prayed that it be held that, there is no violation of the provisions contained in section 269SS of the Act, and the penalty levied u/s 27ID of the Act of Rs. 1,58,00,000/- and upheld by the learned Commissioner of Income Tax (Appeals) be deleted and appeal of the appellant be allowed." 4. Brief facts of the case shows that the assessee filed his return of income on 23.09.2010 at Rs. 31,22,920/-. Assessment u/s 143(3) of the Act was not passed. Subsequently, on receipt of information from ld ADIT (Investigation Wing) on 23.03.2016 regarding cash loan received and cash interest paid as well as accommodation entry, assessment proceedings were reo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in cash. The assessee has not shown any reasonable cause but accepted above loan in cash and therefore, he noted that assessee has violated the provisions of section 269SS of the Act in accepting loan of Rs. 1,58,00,000/- from Asharam Bapu through Sant Lal Aggarwal therefore a penalty of Rs. 1,58,00,000/- was levied by passing order u/s 271D of the Act on 10.05.2018. 6. The assessee aggrieved with the order of the ld AO preferred appeal before the ld CIT (A). During the course of hearing of the appeal the assessee made a submission on 09.08.2019 stating that the assessee has filed appeal against the order u/s 147 read with section 143(3) of the Act and therefore, the penalty proceedings may be kept in abeyance till the conclusion of the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 147 read with section 143(3) vide order dated 19.11.2019 which clearly shows that name of the appellant is there in the seized material. He therefore, held that the facts of loan have received in cash of Rs. 75 lakhs and Rs. 83 lakhs on 01.07.2009 and 23.03.2010 by the appellant is evident from the seized material. Further, the statement of a close aide of Asharam Bapu is also available. He therefore, held that such vital evidence cannot be ignored. Thus, in absence of anything submitted by the AR he held that he does not have any other option except to uphold the penalty. Thus, the order of the ld AO passed u/s 271D was confirmed and appeal of the assessee is dismissed. Therefore, the assessee is aggrieved with that order has preferr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quarely covered by the decision of the coordinate bench in assessee's own case for the same assessment year in quantum appeal. 9. The ld DR vehemently supported the orders of the lower authorities. 10. We have carefully considered the rival contentions and also perused the orders of the lower authorities. We have also perused the orders of the coordinate bench in case of the assessee in ITA No. 9890/Del/2019 for Assessment Year 2010-11 dated 16.06.2020. This order of the coordinate bench deals with the merits of the addition as under :- "25. Coming to the merits of addition of Rs. 1,55,16,090/-, once again, the entire addition revolves around the statement of Shri Devi Das Tikamdas Chattani. In his statement, Shri Devi Das Tikamdas 13 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts, statement of Shri Sant Lal Aggarwal cannot be ignored or brushed aside lightly. Merely because the statement of Shri Sant Lal goes in favour of the assessee, cannot be a reason to disbelieve the same. As mentioned elsewhere, there is no direct evidence brought on record which could suggest that some cash transactions took place between the assessee and the searched person. The observations made by the Assessing Officer at page 25 of the assessment order clearly show that the entire addition has been made on surmises and conjectures. The relevant para of the assessment order reads as under: "From above it is clear that M/s. Shagun Jewellers has had transactions with M/s Index Securities & Research Put Ltd which was a conduit compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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