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TMI Blog2010 (3) TMI 882X X X X Extracts X X X X X X X X Extracts X X X X ..... d of vide this common order for the sake of convenience. 2. The common ground in the revenue appeals are that the CIT(A) has not considered the fact that the assessee advanced loans exceeding Rs. 20,000 in cash which fact was admitted by the assessee during the assessment proceedings contravening the provisions of section 269SS. 3. Brief facts of the case are that the assessee is an auto financier and assessments were made under section 153A consequent to a search under section 132. The Addl. CIT has having found that the assessee has violated provisions of section 269SS and issued show-cause notice proposing to levy penalty under section 271D. The assessee has replied to the show cause letter stating that there is no violation of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upees or more: Provided that the provisions of this section shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by: ( a )Government. ( b )Any banking company, post office savings bank or co-operative bank. ( c )Any corporation established by a Central, State or provincial Act. ( d )Any Govt. Company as defined in section 617 of the Companies Act 1956 (1 of 1956). ( e )Such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing notify in this behalf in the Office Gazette : Provided further that the provisions of this section shall not apply to any loan or deposit where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of repayment of certain loans or deposits - No Branch of a banking company or a co-operative bank and no other company of co-operative society and no firm or other person shall repay any loan or deposit made with it otherwise than by an account payee cheque or account payee bank draft in the name of the person who has made the loan or deposit if: ( a )the amount of the loan or deposit together with the interest, if any payable thereon or ( b )the aggregate amount of the loans or deposits held by such person with the branch of the banking company or co-operative bank or as the case may be the other company or co-operative society or the firm, or other person either in his own name or jointly with any other person on the date of such re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany, includes loan or deposit of any nature." Thus, section 269T provides that no company (including banking company) co-operative society or partnership firm shall repay to any person, any deposit made by him with such entity otherwise than by cheque or an account payee bank draft in case where the amount of the deposit, or the aggregate amount and the interest thereon equals or exceeds the stipulated amount. In case of repayment by a bank , the repayment may be made by crediting the amount to the account, of the concerned creditor, if any, with such bank vide the first proviso. Section 269T(1) of the IT Act. The section would apply in relation to the repayment of any deposit made before 19-9-1991, further, provides that no branch o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( b ) of sub-section (1) of section 271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271CA, section 271D, section 271E, section 271F, section 271FA, section 271FB, section 271G, clause ( c ) or clause ( d ) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA, or section 272B, or sub-section (1) or sub-section (1A) of section 272BB or sub-section ( b ) or clause ( c ) or sub-section (2) of section 273 no penalty shall be 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." 6. In our opinion, the sections 269SS and 271D are not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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