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TMI Blog2017 (1) TMI 1433X X X X Extracts X X X X X X X X Extracts X X X X ..... of India awarded him “Gallantry Award” posthumously and allotted a petrol pump for her livelihood and her children in the year 2001. But she faced lots of problems in running of petrol pump due to paucity of funds. Therefore, her relatives helped her. In Section 269SS it is held that no person shall take or accept from any other person any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearings system through a bank account, but in the present case, the persons, who helped her, are her relatives or neighbours, who were also agriculturists having no bank accounts at the time of funds given. The assessee has filed an affidavit by stating that she has receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd in the circumstances of the case and in law the ld. CIT(A) was justified in reducing the penalty of ₹ 19,00,000/- imposed U/s 271D to ₹ 9,00,000/-. Ground assessee s appeal in ITA No. 36/JP/2013 1. That on the facts and in the circumstances of the case, authorities below have grossly erred in law and facts in imposing/partly confirming the penalty U/s 271D of ₹ 9,00,000/- without jurisdiction/justification/basis. 2. Firstly we take revenue s appeal i.e. ITA No. 941/JP/2012. We have heard both the parties and perused the material available on the record. It is observed that the demand/ tax effect in the Revenue in question is only ₹ 10.00 lacs. Under the powers vested by Sec. 268A(1) of the I T Act, CBDT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r persons. However, the penalty was sustained on the advances received from three persons namely Shri Bheruram Chaudhary, Shri Ramniwas Chopra and Shri Rajveer Singh. 8. Now the assessee is in appeal before me. The ld AR has reiterated the submissions as made before the ld. CIT(A). On the contrary, the ld DR has vehemently supported the orders of the authorities below. She also submitted that there is contradiction in the submissions made in the form of affidavit at the time of quantum proceedings and penalty proceedings. She also vehemently pleaded that these persons were located in the city like Jaipur and there was no dearth of banking system. Therefore, these are not covered by the exceptions where cash loans are accepted and she als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and was an Army Officer, who was declared martyr during the Kargil war and the Government of India awarded him Gallantry Award posthumously and allotted a petrol pump for her livelihood and her children in the year 2001. But she faced lots of problems in running of petrol pump due to paucity of funds. Therefore, her relatives helped her. In Section 269SS of the Act, it is held that no person shall take or accept from any other person any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearings system through a bank account, but in the present case, the persons, who helped her, are her relatives or neighbours, who were also agriculturists having no bank accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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