TMI Blog2004 (7) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... ecember, 2003, at assessee's premises. Since assessee's office was closed on Sunday for all administrative and accounting purposes the receipt of the order was communicated to the partners by the security on Monday only. When the assessee consulted its consultant, he informed that the time period available for filing of the appeals before the Tribunal against the orders of CIT(A) is two months. Due to this reason the assessee was under bona fide belief that the last date for filing of the appeals should be 21st Feb., 2004. Accordingly, the assessee sent their person to the office of the Tribunal on 21st Feb., 2004, for filing of the appeals. However, the assessee came to know that the office of the Tribunal was closed on that day being Satu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -do- 6-7-1998 13,500 " Lt. Col.R.S. Chaudhary 13-8-1998 23,500 " -do- ------------------------------------------------- All the above loans were confirmed by the parties and the same was allowed by the AO. Subsequently, the AO put forward the case before the Jt. CIT for the penalty proceedings under s. 271D for acceptance of loan in cash. The stand of assessee was that due to heavy investment for fixed assets during the previous year and rise in order on hand, the assessee completed (sic-was compelled) to take temporary advances from various parties immediately. As the promoter partner of the assessee-firm is a technical man and he does not have the knowledge of the Act and as he does not have any full time ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imposable on the person or the assessee as the case may be for any failure referred to in the said provisions if he proves that there was reasonable cause for the said failure. In the case in hand, first three transactions are from Shri Parthiv Zaveri, for whom the assessee is doing job work. It is undisputed fact that the assessee is having business transaction with Shri Parthiv Zaveri who is proprietor of M/s Par Excellence. We also take note of the fact that the assessee has made huge investment in fixed assets without having any prior facilities. Under the facts and circumstances of the case, the assessee was hard pressed and for running its day-to-day business the assessee had to accept the loans in cash as stated above and there is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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