Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
ITAT allowed the appeal of Assessee X and deleted the penalty imposed u/s 271D. The AO had levied penalty on the ground that Assessee X received Rs. 20 lakhs in cash during FY 2008-09, allegedly in contravention of s.269SS by accepting a cash loan or deposit exceeding Rs. 20,000. ITAT accepted the explanation that the amount belonged to Assessee X's father, an agriculturist without a bank account, who had received earnest money from a land transaction and temporarily parked the funds in the assessee's bank account for safety. As the Revenue failed to rebut this explanation and no genuine loan or deposit transaction was proved, ITAT held that penalty u/s 271D was not exigible.
ITAT allowed the appeal of Assessee X and deleted the penalty imposed u/s 271D. The AO had levied penalty on the ground that Assessee X received Rs. 20 lakhs in cash during FY 2008-09, allegedly in contravention of s.269SS by accepting a cash loan or deposit exceeding Rs. 20,000. ITAT accepted the explanation that the amount belonged to Assessee X's father, an agriculturist without a bank account, who had received earnest money from a land transaction and temporarily parked the funds in the assessee's bank account for safety. As the Revenue failed to rebut this explanation and no genuine loan or deposit transaction was proved, ITAT held that penalty u/s 271D was not exigible.
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