2013 (4) TMI 113

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....ER IN FIRST APPEAL NO.2664 OF 2010:   (Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA)   1. This appeal under Section 260-A of the Income Tax Act are at the instance of the revenue and is directed against the order dated August 22, 2008 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench-C in I.T.A. No.1807/Ahd/2005 for the assessment year 2001- 2002,....

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....ot be imposed. 4. The Tribunal below had recorded that except in one transaction of Rs.20,383/- the amounts were received in cash from Shri Jayeshbhai Thakkar and Shri Raghubhai S. Bhatt, who were relatives of the Tax Payer. It was pointed out that an advance of Rs.2 lakh has been given by the Tax Payer to Shri Raghubhai S. Bhatt, his brother in the earlier year which appeared as opening balanc....

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....d Shri Raghubhai S. Bhatt and received cash for incurring day-to-day business expenditure. From those facts, it was pointed out that there was nothing to suggest that the aforesaid transactions were not genuine. 5. Similarly, as regards the question of penalty imposed on the Tax Payer under Section 271-E of the Act, the Tribunal found that the Tax Payer explained before the Assessing Officer th....