9911796707
TMI Blog2024 (2) TMI 789X X X X Extracts X X X X X X X X Extracts X X X X ..... PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against the order dated 04.08.2022 of the Ld. Commissioner of Income Tax (Appeals), NFAC Delhi ("CIT(A)") whereby he confirmed the penalty of Rs. 2,00,000/- imposed by the Ld. Addl. CIT Bulandsahar under section 271D of the Income Tax Act, 1961 (the "Act") pertaining to Assessment Year ("AY") 2013-14. 2. Briefly stated, the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal. 3. The Ld. AR submitted that the transaction had taken place between father and son. The cash loan was taken to meet urgency. The urgency was lack of funds in business. The Ld. AR further submitted that the assessee was under the bonafide belief that Rs. 20,000/- per transaction is not in contravention of the provisions of section 269SS of the Act. Our attention was drawn to the cop ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 013 relevant for the AY 2013-14 is placed ot page 4 from which your honour will find that there is no violation of section 26955 of LT. Act because the Assessee had not taken any loan/deposit exceeding Rs. 20,000/- at a time from M/S A. K. Trading Co. Confirmed copy of A/c of M/S Pramod Trading Co. in the books of M/S A.K. Trading Co. is placed ot page 5. It is not in dispute that M/S Pramod Tradi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lationship, copies of their passports are placed at pages 19-21. 4. Your honour will appreciate that the object of introducing the provisions of section 269SS was to ensure that the taxpayer is not allowed to give false explanation for his unaccounted money. In Assessee's case, genuineness of the transaction is not in dispute as the loan of Rs. 2,00,000/- as on 31/03/2013 stands accepted by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee and his son, both carrying on their independent business. Confirmed copies of account of the assessee in the books of M/s. A.K. Trading Co. Proprietary concern of his son and vice versa were brought on record. Genuineness of transaction has not been doubted. All the transactions were accounted for by the assessee and his son in their respective books of account. The impugned transaction is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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