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TMI Blog2020 (3) TMI 1236X X X X Extracts X X X X X X X X Extracts X X X X ..... tating there is no material possessed by the Revenue showing acceptance of any loan or deposits by the assessee from Shri Jivraj V. Desai. Revenue has mis-constructed or misinterpreted the seized material as well as statement of Shri Arvindbhai A. Shah, alleged author of the diary - HELD THAT:- In view of the finding of fact given by the Tribunal that the Appellant-Revenue is not able to establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1961') is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Ahmedabad-Bench 'A' dated 31.05.2019 in the IT(SS)A.No. 276/Ahd/2010 for the A.Y. 2001- 02 (Falling within the block period 01.04.1990 to 20.10.2000. 2. The Revenue has proposed following question of law as substantial question of law for the consideration of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, then he would be liable to pay by way of penalty under Section 271D of the Act, a sum equal to the amount of loan and/or deposit so taken or accepted. 4. According to the Assessing Officer, the respondent assessee accepted loan or deposit in cash from Shri Jivraj V. Desai, and therefore, penalty under section 271D was levied amounting to ₹ 2,68,23,300/-. 5. The Tribunal while ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee under section 271D of the Act. We allow both the appeals and delete the impugned penalty. 6. In view of the aforesaid finding of fact given by the Tribunal that the Appellant-Revenue is not able to establish that assessee accepted any loan or deposit from Shri Jivraj V. Desai. In absence of any material showing acceptance of any loan or deposits by the respondent-assessee, we are o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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