TaxTMI 
TaxTMI 
2008 (6) TMI 321
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.... The Revenue is in appeal against the order of the Income-tax Appellate Tribunal. The assessee had taken from seven persons a loan of Rs. 20,000 each. This is a finding of fact and not in dispute. On behalf of the Revenue, the learned counsel draws our attention to the statutory provisions of section 269SS of the Income-tax Act, 1961, which uses the expression "is twenty thousand rupees or more". ....
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....which reads as under ([1990] 186 ITR (St.) 81, 111: "43. Sections 271C, 271D and 271E, which were inserted in the Income-tax Act, with effect from April 1, 1989, by the Direct Tax Laws (Amendment) Act, 1987, provide for the levy of penalties for certain defaults. Penalty under section 271C is levied for failure to deduct tax at source. Penalty under section 271D may be levied for failure to comp....
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....ant case, the Central Board of Direct Taxes for the purpose of attracting section 271D has set out that the loan or deposit should be in excess of Rs. 20,000. It is true that what the Central Board of Direct Taxes has stated may be contrary to the expression/language of section 269SS which uses the expression "twenty thousand rupees or more". The law on the Central Board of Direct Taxes Sculars ca....
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....viate from such construction, when they are issued in exercise of the statutory powers under section 119. It was, however, clarified that the Board cannot pre-empt a judicial interpretation of the scope and ambit of the provision and further could not impose a burden on the taxpayer higher than what the Act itself, on a true interpretation, envisages. It was observed that the Board has the statuto....