2013 (3) TMI 219

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..... This appeal has been preferred by the revenue under section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 11.5.2012, Annexure 3 passed by the Income Tax Appellate Tribunal, Chandigarh Bench 'A', Chandigarh (for brevity, "the Tribunal") in ITA No.1151/CHANDI/2011 for the assessment year 2008-09, claiming following substantial questions of law:-    ....

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....aryana High Court in the case of SAS Education Society 319 ITR 65 (Punjab and Haryana)?     iii) Whether on facts and in the circumstances of the case, the Hon'ble ITAT has ignored the finding given on page 3 of the CIT(A) order that the assessee had complete knowledge of law that provisions of Section 40A(3) of the Act are applicable and the assessee deliberately fabricated books ....

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....assessed to tax vide order dated 22.11.2010, Annexure I. The Assessing Officer also disallowed a sum of Rs. 3,50,000/- received by the assessee as gift and added to income of the assessee. The Assessing Officer also made an addition of Rs.1,24,300/- on account of capital introduced by the assessee and Rs.27,121/- on account of miscellaneous expenses. Penalty proceedings under Section 271(1)(c ) of....

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....mitted that the Tribunal had erroneously accepted the plea of the assessee whereas in view of the express provisions of section 40A(3) of the Act, any amount paid in cash in excess of Rs. 20,000/- was inadmissible. 4. After giving thoughtful consideration to the submissions made by learned counsel for the appellant, we do not find any merit in this appeal. 5. The Tribunal while accepting the ple....