9911796707
TMI Blog2019 (3) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... The decisions relied upon by the learned Counsel for the assessee, i.e. CIT vs. Deccan Designs (India) P Ltd [2010 (7) TMI 818 - MADRAS HIGH COURT] and Director of Income Tax (Exemption) vs. All India Deaf and Dumb Society [2005 (5) TMI 32 - DELHI HIGH COURT] are to the effect that where the transactions are genuine and enough reasons are offered by the assessee to justify the cash transaction, the penalty is not leviable both u/s 271D and 271E of the Act. - Decided in favour of assessee. - ITA Nos.1378/Hyd/2015 And 563/Hyd/2016 - - - Dated:- 27-7-2018 - Smt. P. Madhavi Devi, Judicial Member And Shri S. Rifaur Rahman, Accountant Member For The Assessee : Shri K.A. Sai Prasad For The Revenue : Smt. M. Narmada, DR ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er opportunity was not accorded before levying penalty u/s 271D of the I.T. Act. 3. The learned CIT (A) is not justified in not appreciating the circumstances under which cash loans were taken by the appellant . 4. Brief facts of the case are that the assessee, an individual, filed his return of income for the A.Y 2010-11 on 10.07.2010 admitting total income of ₹ 4,49,790. The case was selected for scrutiny and accordingly notice u/s 143(3) was issued to the assessee on 24.08.2007. The assessee appeared and furnished the details called for and the assessment was completed by making an addition of ₹ 3,66,047 towards the short term capital gain which was set off against the carried forward loss. Subsequently, the AO init ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso paid part of the consideration by cheques and part of the consideration by way of cash. He has also drawn our attention to the DD for an amount of ₹ 5,55,000 drawn in favour of stamp duty collection account and DD for an amount of ₹ 74,000 drawn in favour of CTO N S Road, and the pay slips to show that the amounts were utilized for purchase of the DDs. He has also drawn our attention to the AXIS Bank A/c of the assessee wherein the transaction of purchase of DDs after the deposit of the amount and also cancellation of the DDs thereafter are reflected. According to the learned Counsel, the above transaction cannot be considered as a loan or advance referred to in section 269SS and 269T of the Act. He submitted that the DDs we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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