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TMI Blog2012 (2) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... ax (Appeals) erred in not providing copies of bank statements on which the Additional Commissioner of Income-tax (Appeals) relied. (4) The learned Commissioner of Income-tax (Appeals) further erred in not considering following grounds taken against penalty. (a) Supreme Court judgement in case of Chamundi Granites Pvt. Ltd. 255 ITR 258] and V.O. Tractor Export v/s. Tarapore Co. AIR 1970 SC 1168] and para 32(2) of Circular dated 06.07.1984. Circular No. 387 of 06.07.1984 (b) Various judgments brought to the notice. (c) Bonfires having been established and number of cases where amounts have been received by cheques. (5) The appellant therefore, submits that the penalty may be deleted. (6) The appellant craves leave to add, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Section 271D of the Income tax Act, 1961, there is no such requirement for initiation of penalty proceedings during the course of assessment. He also drawn our attention to the language of Section 271(1) of the Income tax Act, 1961 wherein the statute has prescribed that if the A.O. is in the course of any proceeding is satisfied that any person has default for concealment of income or compliance of certain notice as referred therein, then directed to pay by way of penalty by passing a penalty order. Ld. D.R. has therefore pleaded that there is no such requirement in Section 271D of the Income tax Act, 1961. 5. Having heard the submissions of both the sides after admitting the additional ground being a legal ground and arising from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he penalty order was passed in the year 2005, therefore, there was undue delay in passing the penalty order hence, should be held as bad in law. In support of this contention, he also placed reliance on the decision rendered in the case of Sharda Educational Trust as reported in 99 TTJ 212 and also the decision of Rajendra Kumar Somani (supra). 7. From the side of the revenue, Ld. D.R. has pleaded that there is no legal requirement to pass an order u/s 271D within a specified time period. As per his argument, since the statute does not prescribe any time limitation, therefore, the additional ground deserves to be dismissed. Ld. D.R. has placed reliance on the decision rendered in the case of Dewan Chand Amritlal as reported in 98 TTJ 947 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onth of May 2004. Therefore, as far as the revenue is concerned, the action was taken within a few months after the completion of the assessment order. Such a delay cannot be held as an inordinate delay. As far as the decision in the case of Sharda Educational Trust (supra) is concerned, the facts altogether are different because no return was furnished nor any assessment was made and the proceedings were initiated after a lapse of a period of more than 7 years. Under those circumstances, when there was no assessment was made and the penalty proceedings were initiated after a lapse of seven years, a favorable view was taken by the respected Coordinate Bench. The respected bench has taken the totality of the circumstances of that case after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the appellant had been systematically sincere in avoiding the proceedings by blaming the Assessing Officer, initially for not providing the seized material and then not providing with the bank statements. I find it really funny and absurd that the appellant is asking the Department to furnish the bank statements, which the appellant ought to have, as these accounts are being maintained or have been maintained by him with these banks. The sole purpose of the appellant is to avoid proceedings, on some or the other pretext. However, as can be seen from the submission of the appellant that its claim that all the transactions noted down in the seized material are not in cash. In fact, there are loans which are by cheque through the above men ..... X X X X Extracts X X X X X X X X Extracts X X X X
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