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TMI Blog2023 (2) TMI 970X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by M/s Spaze Towers Pvt. Ltd as income of the assessee, then the same amount cannot be treated as loan in violation of the provisions of Section 269SS of the Act 1961. The same income cannot be taxed in two hands in the same assessment year and CIT (A) has rightly deleted the additions made by the Assessing Officer. Decided in favour of assessee. - ITA-100-2022 - - - Dated:- 31-1-2023 - HON'BLE MS. JUSTICE RITU BAHRI AND HON'BLE MRS. JUSTICE MANISHA BATRA Present: For the Appellant : Ms. Pridhi Jaswinder Sandhu, Jr. Standing counsel For the Respondent : None *** Ritu Bahri, J. The present appeal has been filed under Section 260-A of the Income Tax Act, 1961 (for short 'Act 1961') s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,91,675/- and deleted all other additions amounting to Rs.1,18,00,000/-. In this order, it has further been held that for the same assessment year, Spaze Towers Pvt. Ltd had approached the learned Settlement Commission on 30.11.2016 and made disclosure of income and also disclosed that on various occasions, the Company had advanced certain amounts to the respondent, which were on returnable basis. Consequent to the directions contained in the dated 20.08.2018, penalty proceedings under Section 271D of the Act 1961, for contravention of the provisions of Section 269SS of the Act 1961, were initiated by JCIT, Central Range, Gurugram and a show cause notice was issued to the respondent. Vide order dated 14.01.2019 (A-3), a penalty of Rs.1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ived an amount of Rs. 3 lakhs in cash from M/s D.S. Imports. The amount represented undisclosed income in the hands of the assessee but as per assessee, it was a deposit made by M/s D.S. Imports. Hon'ble Delhi High Court dismissed the appeal of the revenue and held that the revenue could not, on the one hand, contend that amount of Rs.3 lakhs is undisclosed income in the hands of the assessee and at the same time seek to initiate proceedings against the assessee for violation of the provisions of Section 269SS of the Act which deals with cash deposits or loans in excess of Rs.20,000/-. The Revenue having taken the stand that the income was undisclosed income in the hands of the assessee, it could not resort to proceedings under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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