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TMI Blog2023 (9) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... ri Mandali Ltd. was not doubted by the revenue authorities. Thus, the loan was accepted through banking channel and there was no cash involved in the present transactions. Therefore, Section 269SS does not attract. Thus, the penalty levied under Section 271D does not sustain. Appeal of assessee allowed. - MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For the Appellant : Shri R. B. Patel, A.R. For the Respondent : Shri Ashesh R Rewar, Sr. D.R. ORDER Both appeals filed by the same assessee are against the order passed by the Ld. Commissioner of Income Tax (Appeals), (in short Ld. CIT(A) ), National Faceless Appeal Centre (in short NFAC ), Delhi on 26.04.2023 27.03.2023 for A.Ys. 2013-14 2016-17. 2. As all the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent wherein transaction of taking the said loan was demonstrated before the Assessing Officer. The assessee has given the certificate issued by The Berna Gamni Seva Sahkari Mandali Ltd. as well as the ledger from The Berna Gamni Seva Sahkari Mandali Ltd. 4. The Assessing Officer issued notice under Section 274 for imposition of penalty proceedings under Section 271D. The assessee filed without. After taking cognizance of the reply the Assessing Officer impose penalty under Section 271D amounting to Rs. 1,70,000/- for acceptance of cash loan in contravention of provision of Section 269SS of the Act. 5. Being aggrieved by the said penalty order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appeal of the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ificate issued by The Berna Gamni Seva Sahkari Mandali Ltd. was not doubted by the revenue authorities. Thus, the loan was accepted through banking channel and there was no cash involved in the present transactions. Therefore, Section 269SS does not attract. Thus, the penalty levied under Section 271D does not sustain. The Ld. CIT(A) as well as the Assessing Officer was not justified in levying the penalty under Section 271D of the Act. Hence, the appeal of the assessee being ITA No. 228/Ahd/2023 is allowed. 9. As relates to ITA No. 339/Ahd/2023 for A.Y. 2016-17 the issue involved therein is also identical and therefore, the findings given hereinabove for A.Y. 2013-14 are applicable in these year as well. Hence, appeal for A.Y. 2016-17 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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