2014 (5) TMI 665

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....ORDER Per Vikas Awasthy, Judicial Member The appeal has been filed by the assessee assailing the order of the Commissioner of Income Tax (Appeals)-V, Chennai, dated 01.08.2013 relevant to the assessment year 2009-2010. The Commissioner of Income Tax (Appeals) vide impugned order has confirmed the levy of penalty u/s.271D of the Income Tax Act, 1961 (hereinafter referred to as ''the Act'') ....

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....ah by cheque. During the course of scrutiny assessment the assessee had submitted that the property has been purchased with the cash loan and advances from different persons, apart from funds contributed by Mr. R.M. Zafarullah as investment. The contention of the assessee with regard to investment by Mr. R.M. Zafarullah was accepted by the Assessing Officer. As regards loans & advances from other ....

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....below have erred in holding that for purchase of property, the assessee has taken cash loan from Mr.R.M. Zafarullah. The ld. Counsel submitted that MOU between the assessee and Mr. R.M. Zafarullah shows that it was a joint venture investment. The MOU was produced before the authorities below, however, the same was not considered. The assessee had also placed on record affidavit of Mr. R.M. Zafarul....

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....rchase of property. The assessee has placed reliance on MOU dated 2.7.2008, the contents of which are reproduced in penalty order dated 29.10.2012. A perusal of the same shows that the assessee alongwith Mr. R.M. Zafarullah had jointly invested money to purchase property and thereafter share profit from its sale. The property was purchased on 11.7.2008 in the name of assessee. Subsequently, the pr....