2015 (11) TMI 1052

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....-tax (Appeals)-II, Lucknow has not correctly appreciated the facts and circumstances of the case. 2. That the learned Commissioner of Income-tax (Appeals)-II, Lucknow is not correct in considering the age of Smt. Sharda Agarwal as 80 whereas as per the permanent account number details (AAQPA1701J), she was below 60 in the relevant financial year. The assessee has succeeded in creating the situation of cash loan repayment as reasonable by wrongly quoting the age of her mother Smt. Sharda Agarwal. 3. That the learned Commissioner of Income-tax (Appeals)-II, Lucknow has not correctly appreciated the fact that Smt. Meenu Agarwal legal heir of Late Shri Ram Ratan Agarwal returned the loan of Rs. 6,93,450 cash to her mother, Smt. Sharda Aga....

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....order was passed after expiry of six months, the penalty order is barred by time and deserves to be quashed. 3. On merit, learned counsel for the assessee has argued that the transaction was undertaken within the family members. The assessee has received cheque from his mother which was repaid partly by cheque and partly in cash ; therefore, there is no violation of the provisions of section 269T of the Act for which penalty is leviable. 4. The learned Departmental representative, on the other hand, has placed reliance upon the order of the Assessing Officer. 5. Having carefully examined the orders of the lower authorities in the light of the rival submissions, we find that undisputedly the assessment was completed on December 24, ....