2013 (7) TMI 1029

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....S.Syal (AM) : This appeal by the assessee is directed against the order passed by the Commissioner of Income-tax (Appeals) on 28.12.2011 upholding penalty of Rs. 2,50,000 imposed by the Assessing Officer u/s 271D of the Act in relation to the assessment year 2005-2006. 2. Briefly stated the facts of the case are that the assessee received cash loans of Rs. 1,00,000 from Shri Rajesh P.Kamdar ....

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....ion advanced on behalf of the assessee and upheld the penalty. 3. After considering the rival submissions and perusing the relevant material on record, it is noticed that the receipt of loans in cash beyond the monetary limit prescribed u/s 269SS calls for imposition of penalty u/s 271D. However the penalty u/s 271D is not absolute inasmuch as section 273B provides that no penalty inter alia u/....