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TMI Blog2022 (4) TMI 228X X X X Extracts X X X X X X X X Extracts X X X X ..... repared by some nephew of the assessee who was neither identified nor cross-examined. The loose paper no.98 also does not spell out as to with whom the alleged cash transactions as entered into the loose paper has been carried out, i.e., the corresponding party to the transaction is not known. The assessee is since deceased and thus the authenticity of the transaction cannot vouched. Under these mitigating circumstances, we find that plausible cause exists to question the propriety of allegations. The assessee thus deserves to be exonerated from the clutches of Section 269T r.w. Section 271E of the Act. The order of the CIT(A) is accordingly set aside and the order of the AO reversed. The penalty imposed under Section 271E stands canc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is allowed. - I.T.As. No.90/DEL/2019 And 91/DEL/2019 - - - Dated:- 29-3-2022 - Shri Kul Bharat, Judicial Member And Shri Pradip Kumar Kedia, Accountant Member For the Appellant : Shri R.R. Singhla, CA For the Respondent : Shri Bhopal Singh, Sr.DR ORDER PER PRADIP KUMAR KEDIA, A.M.: The captioned appeals have been filed at the instance of the assessee against both the orders of the Commissioner of Income Tax (Appeals, Hisar [ CIT(A) in short], dated 10.03.2018 arising from even orders dated 27.03.2014 passed by the Assessing Officer (AO) under Section 271E and 271D of the Income Tax Act, 1961 (the Act) concerning AYs 2010-11 and 2011-12, respectively. 2. The assessee has challenged the action of Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty is marred with non application of mind. Consequently, the penalty is required to be struck down. 4. Ld. DR for the Revenue, on the other hand, relied upon the orders of the lower authorities and submitted that the loose papers found during the survey operation evidences the factum of repayment of loan in cash by the assessee which attracts the provisions of Section 269T and in turn Section 271E without any further requirements in law. Ld. DR thus submitted that no interference with the order of the CIT(A) is called for. 5. We have carefully considered the rival submissions. As pointed out on behalf of the assessee, an assessment under Section 143(3) r.w. Section 147 was completed in the instant case, wherein the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received in cash by way of loans or deposits in contravention of Section 269SS r.w. Section 271D of the Act. 9. Ld. counsel for the assessee submitted that the basis of imposition of penalty under Section 271D is a loose paper marked page no.94 impounded in the course of survey from the business premises of the assessee. The Ld. Counsel thereafter adverted to the copy of loose paper no.94 and submitted that a bare reading of loose paper, if it were to be believed, would show that ₹ 15 lac (page 94 of loose paper) was purportedly received 21 months back, i.e., somewhere in July, 2008 and does not concern the Assessment Year 2011-12 in question. Likewise, another sum of ₹ 7,50,000 (page 98 of loose paper) is stated to be rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessment order under Section 143(3) r.w. Section 147 of the Act, the Assessing Officer himself has held that no addition is required to be made on the basis of document no.98 concerning ₹ 7.50 lakhs as the loan was received by the assessee on 12.09.2009, i.e., in the Financial Year 2009-10. Thus, the imposition of penalty on alleged cash loan of ₹ 7,50,000/-arising out of loose paper no.98 does not arise in Assessment Year 2011-12 in question. 11. Adverting to loose paper no.94 giving rise to imposition of penalty of ₹ 15 lac, it is self-evident from the calculation of the interest shown in the loose paper that the alleged cash loan was not received in the Financial Year 2010-11 in question but the alleged cash loan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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