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TMI Blog1997 (9) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 256(2) of the Income-tax Act, 1961 (for short, "the Act"), seeking a direction to the Income-tax Appellate Tribunal (for short, "the Tribunal"), to refer the following questions : "1. Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was justified in not accepting the plea of reasonable cause and bona fide belief and thereby confirming pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not hit by the provisions of section 269SS?" The assessee derived income mainly as commission agents. The Income-tax Officer, during the assessment proceedings for the assessment year 1990-91 noticed that the assessee had accepted certain deposits in cash exceeding Rs. 20,000 in contravention of the provisions of section 269SS of the Act. He referred the matter to the Deputy Commissioner, who p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deposits were received from the agriculturists on the sale of their produce. It was further explained by the assessee that the deposits were in the nature of "Amanats". The assessee also argued that he was under a bona fide belief that section 269SS was not applicable to the loans and deposits taken or accepted from the agriculturists. The Deputy Commissioner, however, did not agree and imposed p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the petitioner, that the Tribunal has already submitted a statement of the case while referring a question of law to this court under section 256(1) of the Act at the instance of the Revenue, The question of law specifically relates to the cancellation of penalty of Rs. 1,42,200. Shri Garg has, therefore, argued that the assessee's petition may also be allowed in respect of the balance amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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