TaxTMI 
TaxTMI 
TaxTMI 
2015 (11) TMI 1006
X X X X Extracts X X X X
X X X X Extracts X X X X
....is filed by the Revenue and the Cross Objection is filed by the assessee, which are directed against the order of CIT(A)-II, Lucknow dated 08/10/2012 for assessment year 2008-09. 2. In its appeal, the Revenue has raised the following grounds: "1. The order of the learned CIT(A)-II, Lucknow is bad in law and erroneous on the facts of the case. 2. The learned CIT(A)-II, Lucknow has wrongly adjudi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....his juncture, it was submitted by Learned A.R. of the assessee that as per the copy of the order sheet brought on record by the Revenue, the matter was referred by the Assessing Officer to Addl. CIT for imposition of penalty on 21.10.2010 and therefore, at least this date should be considered as a date of initiation of penalty proceedings if not the date of assessment order. He submitted that even....
X X X X Extracts X X X X
X X X X Extracts X X X X
....n which the action for penalty is initiated. In the facts of the present case, the date of reference by the Assessing Officer to Addl. C.I.T. for imposition of penalty is 21/10/2010 and if the period of six months is counted from 31.10.2010, the same expires on 30/06/2011 and the penalty order has been passed on 28th July, 2011 and hence, the penalty order is time barred as per the provisions of s....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... a partner introduces capital in cash in the firm or withdraws the same to the tune of Rs. 20,000/- or in excess, then provisions of section 269SS or 269T of the Act shall not be attracted because the introduction of capital or withdrawal from the firm cannot be called as loans or deposits. The copy of account of Shri Dhananjay Singh is available on page No. 13 of the paper book as per which it is....