9911796707
TMI Blog2013 (12) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... th TAX APPEAL NO. 653 of 2013 - - - Dated:- 22-7-2013 - MR. SHAH AND MS SONIA, JJ. FOR THE APPELLANT: MR KM PARIKH, ADVOCATE JUDGEMENT M. R. Shah J.- 1.0. As common question of law and facts arise in both these appeals, they are disposed of by this common judgment. 2.0. Both these tax appeals have been preferred by the Revenue challenging the common order passed by the Income-tax Appellate Tribunal (hereinafter referred to as the "ITAT") dated December 7, 2012, passed in I. T. A. No. 1428/AHD/2010 and I. T. A. No. 1429/AHD/2010 (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 confirmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and set aside the orders passed by the Additional Commissioner of Income-tax imposing penalty under section 271D and section 271E of the Act. 3.3. Feeling aggrieved and dissatisfied with the order passed by the Commissioner of Income-tax (Appeals) quashing and setting aside the orders passed by the Additional Commissioner of Income-tax imposing penalty under sections 271D and 271E of the Act, the Revenue preferred appeals before the Income-tax Appellate Tribunal being I. T. A. No. 1428/ AHD/2010 and I. T. A. No. 1429/AHD/2010 (ITO v. Dineshchandra 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 passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to in clause (b), is twenty thousand rupees 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 Government 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 Official Gazette : Provided further that the provisions of this secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in this sub-section shall apply to repayment of any loan or deposit taken or accepted from- (i) Government ; (ii) any banking company, post office savings book or co-operative bank ; (iii) any corporation established by a Central, State or Provincial Act ; (iv) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) ; (v) 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 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in quashing and setting aside the orders of penalty imposed under section 271D and section 271E of the Act. 6.0. Shri Parikh, learned counsel of the Revenue, is not in a position to satisfy the court how by the aforesaid transaction of cheque discounting it can be said that there was any loan or deposit taken by the assessee. We have our own doubt whether cheque discounting business can be said to be loan or deposit at all. In any case, when it is not proved and/or established that by cheque discounting business the assessee had taken any loan or deposit from the agriculturist and/or they have repaid any loan to the agriculturist, neither section 269SS nor section 269T of the Act are attracted. Under the circumstances, no error and/or ill ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
