2006 (7) TMI 126

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..... or deposits in excess of Rs. 20,000 should not be received in cash. - Revenue could not, on the one hand, contend that the amount of Rs. 3 lakhs is undisclosed income in the hands of the assessee and at the same time seek to initiate proceedings against the assessee for violation of the provisions of section 269SS - Revenue, having taken the stand that the income was undisclosed income in the han .....

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..... assessee it was a deposit made by M/s. D.S. Imports. Notwithstanding the fact that the Revenue was of the view that the amount was undisclosed income, penalty proceedings were initiated against the assessee for the violation of the provisions of section 269SS of the Income-tax Act, which provides that loans or deposits in excess of Rs. 20,000 should not be received in cash. The assessee approac .....

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..... lakhs was deleted without prejudice to the action that the Assessing Officer may take for taxing this amount in regular assessment proceedings including proceedings under section 147 of the Act. Against the order dated September 6, 2000, the Revenue preferred an appeal before the Income-tax Appellate Tribunal. By an order dated October 6, 2004, the Tribunal (in paragraph 9 of the said order) uph .....

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