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TMI Blog2022 (12) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.56.93 Cr., we direct to delete the penalty impose d u/s. 271DA of the Act. Before parting, we make it clear to the assessee that this relief should not be construed as precedence and a lee way for accepting the money in the manner as in the pre sent case. We direct the AO accordingly. The grounds taken by the assessee in this respect are allowed. - ITA No. 594/Kol/2022 - - - Dated:- 29-12-2022 - SHRI RAJPAL YADAV, VICE PRESIDENT AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Appellant by : Shri Anil Kochar , Advocate Respondent by : Shri P. P. Barman, Addl. CIT ORDER PER GIRISH AGRAWAL, ACCOUNTANT MEMBER: This appeal filed by the assessee is against the order of Ld. CIT(A), National Faceless Appeal Centre (NFAC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levied. 6. For that the appellant having submitted cogent, relevant acceptable explanation reasoning which the Ld. CIT (A) ought to have referred to ought not to have confirmed the penalty levied u/s 271DA of the Act. 3. Briefly stated facts are that assessee submitted the return of income for the AY 2019-20 on 12.09.2019 declaring therein total income of Rs.1,29,07,990/-. Assessee is carrying on the business of breeding farm, hatchery, captive feed mills etc. As required under the provision of Sec. 44AB, assessee obtained the Tax Audit Report and submitted the same. In the Tax Audit Report, the Auditor has mentioned about the cash of Rs.2,04,000/- deposited on 04.07.2018 in the assessee's Bank A/c bearing No. 4016010 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nk of India, Camac Street Branch, Kolkata. The cash was deposited at Katlicherra Branch in the State of Assam of the Bank namely Union Bank of India. In fact, we have not received any amount in cash and it has been a direct deposit by the said party in our Bank A/c. In view of the aforesaid, it is submitted that the cash having not been accepted by us and having been deposited by the said party directly in our Bank A/c in that eventuality it cannot be said that we have contravene the provisions of Sec. 269ST of the Act. In the aforesaid circumstances, we request your Honour to kindly drop the penalty proceeding initiated u/s 271DA of the Act and for which we shall be highly obliged. 3.2. The Ld. Joint Commissioner being not sati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.56.93 Cr., one such party has deposited an amount of Rs.2,04,000/- in the assessee s bank account at a location in the state of Assam whereas the assessee maintained its regular bank accounts at Kolkata. Ld. Counsel further stated that assessee has evidently demonstrated that such a deposit in its bank account by a party in the state of Assam is against its sales realisation and is duly accounted in its books of account and offered for taxation. According to him, the provisions of section 271DA of the Act contains a proviso according to which no penalty shall be imposable if such person proves that there were good and sufficient reason for the contravention. The provisions of section 271DA of the Act are reproduced as under; 271DA. P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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