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TMI Blog2024 (10) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... r during the impugned assessment year. It is also an undisputed fact that the successful bidder in the auction has admitted the cash payment of loan to M/s. Mahindra Mahindra Financial Services Pvt., Ltd., directly into the bank account. Further, the B-Register of Andhra Pradesh Transport Department submitted by the Ld.AR also disclosed that auction budder becomes owner of the car from 10.04.2013. Since the cash payment was not by the assessee, but by the bidder directly to M/s. Mahindra Mahindra Financial Services Pvt., we are of the considered view that assessee cannot be penalised for deposit of cash which was made by a successful bidder during the auction. Appeal of the assessee is allowed. - Shri Duvvuru Rl Reddy, Hon ble Judicial Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore Ld. CIT(A). Before Ld. CIT(A), assessee made similar submissions stating that an auction was conducted by M/s. Mahindra Mahindra Financial Services Pvt. Ltd., arising out of default in repayment of car loan, whereas the successful bidder in the auction being the purchaser has directly deposited the sale proceeds in cash against the car loan with M/s. Mahindra Mahindra Financial Services Pvt. Ltd. The Ld. CIT(A) considering that no evidence has been filed before him to justify the auction conducted by M/s. Mahindra Mahindra Financial Services Pvt., Ltd., in the absence of any documentary evidences, Ld. CIT(A) dismissed the appeal of the assessee. 4. Being aggrieved by the order of the Ld. CIT(A), assessee is in appeal before us by raisin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to Rs. 3,86,600/-. In this connection, Ld. Authorised Representative [hereinafter Ld.AR ] submitted that assessee due to non-repayment of the car loan to M/s. Mahindra Mahindra Financial Services Pvt., Ltd., the car was auctioned on 04.02.2013. Ld.AR further submitted that successful bidder has deposited loan amount of Rs. 3,86,600/- under the settlement of the outstanding loan amount of the assessee. The main contention of the Assessing Officer is considering the repayment of the loan in cash is a violation of 271E of the Act whereas the Ld.AR pleaded that the cash was not deposited by the assessee but by the successful bidder in the auction. The Ld.AR also submitted that since the penalty was initiated after a period of nine (9) years ..... X X X X Extracts X X X X X X X X Extracts X X X X
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