9911796707
TMI Blog2021 (9) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal has been filed by the Assessee is directed against the order of the Commissioner of Income Tax ('hereinafter called CIT(A)') order No. CIT(A)-11/C.C-1(1)/Abd/552-A/2016-17 order dated 01/08/2018 arising out of assessment order dated 07.01.2016. Assessee has taken following grounds of appeal: 1. That the learned CIT(A) has erred in law and in facts in confirming the penalty of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant had not violated the provisions of section 269SS for accepting amount in current account transactions and considering also that there was reasonable cause within the meaning of section 273B of the Act, penalty u/s. 271D was not leviable. It be so held now and penalty of Rs. 17,40,000/- be deleted. 4. The order passed by the Id. JCIT is illegal, invalid and bad in law. It be annulle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted. 5. In this case, assessee company undisputedly accepted cash of Rs. 17,40,000/- from its director Shri Mitesh R. Shah, therefore, penalty was levied by the Ld. A.O. 6. Against the said order, ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer in his order dated 07.01.2016 and assessee paid taxes thereon. 8. In support of its contention, Ld. A.R. cited a judgment of Jurisdictional High Court in the matter of CIT vs. Shyam Corporation 218 Taxman 136 (Guj.) wherein it is held that if assessee received booking advance in cash which, during assessment proceedings, had been assessed as undisclosed income of assessee under section 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
