9911796707
TMI Blog2013 (12) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... 010 (ITO v. Dineshchandra Shantilal Shah (HUF) [2013] 1 ITR (Trib)-OL 647 (Ahd.)), by which, the Income-tax Appellate Tribunal has dismissed the aforesaid two appeals preferred by the Revenue confirming the order passed by the Commissioner of Income-tax (Appeals) quashing and setting aside the orders passed by the Assessing Officer of the levying the penalty under sections 271D and 271E of the Income-tax Act, 1961. 3.0. That during scrutiny assessment under section 143(3) of the Act and during the course of assessment, the Assessing Officer noticed that the assessee had accepted the cheques (other than account payee cheque) for certain individuals wherein the sum involved in each case was in excess of Rs. 20,000 which was found to be in br ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndra Shantilal Shah (HUF) [2013] 1 ITR (Trib)-OL 647 (Ahd.)) and by common impugned judgment and order, the Income-tax Appellate Tribunal has dismissed the said appeals confirming the orders passed by the Commissioner of Income-tax (Appeals). 3.4. Feeling aggrieved and dissatisfied with the impugned common judgment and order passed by the Income-tax Appellate Tribunal, the Revenue has preferred the present appeals. 4.0. We have heard Shri Ketan M. Parikh, learned counsel appearing on behalf of the Revenue and have also perused the orders passed by the Additional Commissioner of Income-tax ; the order passed by the Commissioner of Income-tax (Appeals) and the impugned common judgment and order passed by the Income-tax Appellate Tribunal. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 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 Official Gazette : Provided further that the provisions of this section shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act. 269T. Mode of repayment of certain loan or deposits.No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person shall repay any deposit made with it otherwise t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in writing, notify in this behalf in the Official Gazette." 5.0. It was the case on behalf of the assessee being a "shroff" has two lines of business cheque discounting business and money-lending business, which are separate and distinct and separate ledgers were maintained in respect of the two lines of business. It was the case on behalf of the assessee with respect to cheque discount line of business the assessee received the aggregate amount of Rs. 2,20,72,084 through crossed cheques from the farmers of Charotar region Gujarat which were selling their produce to traders. It was the case on behalf of the assessee that tobacco growing farmers of Charotar region of Gujarat used to sell their produce to traders, who make the payment tra ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
