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TMI Blog2005 (3) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... section 269SS is a finding of fact based on appreciation of material on record. It does not give rise to any question of law, much less substantial question of law – Revenue appeal dismissed - - - - - Dated:- 1-3-2005 - Judge(s) : N. K. SUD., AJAY KUMAR MITTAL. JUDGMENT The judgment of the court was delivered by Ajay Kumar Mittal J. - The Revenue has filed the present appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), against the order of the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi (for short "the Tribunal"), passed in I.T.A. No. 1872/Delhi of 1999 dated January 30, 2004, for the assessment year 1993-94 claiming that the following substantial question of law arises in this appeal: "Whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in response thereto filed written submissions and the then Deputy Commissioner of Income-tax, Hisar Range, Hisar (now Joint Commissioner of Income-tax), imposed a penalty of Rs. 50,000 which was equal to the amount of loan accepted in cash by the assessee-firm vide order dated August 20, 1998. The assessee feeling aggrieved against the said order filed an appeal which was allowed by the Commissioner of Income-tax (Appeals) (for short "the CIT (A)"), vide order dated January 18, 1999, whereby the order of penalty was cancelled. The Revenue challenged the order of the Commissioner of Income-tax (Appeals), Rohtak, before the Tribunal which was dismissed on January 30, 2004. Shri Rajesh Bindal, learned counsel for the Revenue, submitted that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 section shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act provides for the mode of taking or accepting certain loans and deposits. It stipulates that no person after June 30, 1984, shall take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or deposit is Rs. 20,000 or more. Section 271D has been included in Chapter XXI of the Act which deals with penalties imposable for failure to comply with the provisions of section 269SS of the Act and it provides that in the case of any contravention of the provisions of section 269SS of the Act, the person who takes or accepts any loan or deposit shall be liable to pay by way of penalty a sum equal to the amount of the loan or deposit so taken or accep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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