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TMI Blog2015 (7) TMI 1090X X X X Extracts X X X X X X X X Extracts X X X X ..... n excess of ₹ 20,000/- Considering above, we find that the facts are exactly identical what was before the Hon’ble Bombay High Court in MADHUKAR B. PAWAR (2008 (6) TMI 321 - BOMBAY HIGH COURT ) and in each of case cash loan is not exceeding ₹ 20,000/- rather it is exactly ₹ 20,000/- - Decided in favour of assessee - I.T.A No.1911/Kol/2012 - - - Dated:- 8-7-2015 - SHRI P. K. BANSAL, AM SHRI MAHAVIR SINGH, JM For the Appellant: Shri Sunil Surana, FCA For the Respondent: Shri Pijush Mukherjee, JCIT-SR-DR ORDER PER SHRI MAHAVIR SINGH, JM: This appeal by assessee is arising out order of Commissioner of Income Tax (Appeals)-XXXVI, Kolkata in appeal No.684/CIT(A)-XXXVI/Kol/2009-10/1695 dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 2,20,000/- in cash. The reasonable cause for receipt of this cash loan was that the assessee received cash loan from relatives, who are neither income tax assessee nor having any bank account. Hence, he has no other alternative except to receive loans in cash for an amount of ₹ 20,000/- from each of them. These facts are undisputed but before us Ld. Counsel for the assessee relied on CBDT Circular No.572 dated 03.08.1990 reported in (1999) 87 CTR (St.) 1, and stated that this circular has clearly brought out the provision of section 269SS explaining that for taking or accepting any loan or deposit in excess of ₹ 20,000/- Ld. Counsel for the assessee stated that the word in excess of amounts exceeding ₹ 20,000/-. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the section and they depart or deviate from such construction, when they are issued in exercise of the statutory powers under s. 119. It was however clarified that the Board cannot pre-empt a judicial interpretation of the scope and ambit of the provision and further could not impose a burden on the taxpayer higher than what the Act itself, on a true interpretation, envisages. It was observed that the Board has the statutory power under s. 119 to tone down the rigour of the law for the benefit of the assessee by issuing circulars to ensure a proper administration of the fiscal statute. In CST Vs. Indra Industries (2001) 168 CTR (SC) 50: (2001) 248 ITR 338 (SC), the Court further observed that the taxing authority cannot be heard to adva ..... X X X X Extracts X X X X X X X X Extracts X X X X
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