9911796707
TMI Blog2015 (2) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... d SW pipes. It had filed its return of income declaring loss of Rs. 2,87,978/-. The assessment was completed at a total income of Rs. 23,33,502/-, inter alia, making addition of Rs. 2,72,917/- on account of unexplained unsecured loans. 2.1. Consequent to Tribunal's order dated 10-7-2009, except the addition in respect of interest income on FDR amounting to Rs. 4966/-, all other additions were deleted. The AO gave effect to Tribunal's order vide his order dated 30-12- 2010. The AO initiate d penalty proceedings on 6-4-2008 u/s 271D on the ground that assessee company had taken unsecured loan in cash from following persons and while doing so had violated the provisions of section 269SS. S. No. Name of person Amount (Rs.) 1. Sh. T.S. Dag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uld be deleted." 3.1. Ld. counsel for the assessee pointed out that t he assessment order was passed on 28-2-2005 and penalty notice was issued on 6-4-2008 and the penalty order was passed on 4-6-2008. He, therefore, submitted that limitation is to be reckoned from 28-2-2005 when the AO passed the assessment order and not from 6-4-2008. He submitted that the penalty order is barred by limitation u/s 275(1)(c). 4. We have considered the submissions of both the parties and have perused the record of the case. Admittedly, the AO has not initiated penalty proceedings u/s 271D while passing the assessment order on 28-2-2005 and the penalty proceedings u/s 271D were first initiated on 6-4-2008 and the penalty order was passed within two months o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5000.00 7-9-2001 10000.00 10-9-2001 10000.00 25000.00 2. T.S. Dagar 29.8.2001 10000.00 1.9.2001 10000.00 2.9.2001 10000.00 3.9.2001 10000.00 10.9.2001 5000.00 11.9.2001 15000.00 25.9.2001 15000.00 75000.00 3. Ranbir Singh 1.10.2001 10000.00 5.10.2001 10000.00 4. Surendra Singh 15.6.2001 2197.00 3.7.2001 10000.00 28.8.2001 10000.00 11.9.2001 10000.00 31197.00 5. Gyan Prakash 28.5.2001 10000.00 2.9.2001 10000.00 20000.00 6. Manbir Dagar 5.9.2001 10000.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eness of the transactions resulting in the receipt of loans from those creditors. The creditworthiness in the context of the individual creditors has been established with reference to identified sources of income in each case and thereafter deleted the addition u/s 68 of the amounts obtained as loans from Directors share holders and others. The finding recorded by CIT(A) remained uncontroverted, we therefore, do not find any reason to interfere in the order of CIT(A) deleting the addition of Rs. 2,72,917/- and the ground of appeal taken by the revenue is rejected." 6.1. Admittedly the assessee had discharged its liability towards bank by entering into one time settlement and, therefore, the bona fide of the assessee in accepting cash loan ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
