2016 (11) TMI 951

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....e grounds inter alia that : "(i) The learned Commissioner of Income-tax (Appeals) erred in law and on the facts of the case in cancelling the penalty of Rs. 95,35,750 imposed by the Additional Commissioner of Income- tax, Range 18, New Delhi under section 271D of the Income-tax Act. (ii) Whether in the facts and circumstances of the case, the learned Commissioner of Income-tax (Appeals) erred in ignoring the decision of the hon'ble High Court of Delhi in the case of CIT v. Samora Hotels (P.) Ltd. [2012] 211 Taxman 189 (Delhi) (Mag.). (iii) The appellant craves, leave or reserving the right to amend, modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." ....

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....provisions of section269SS and held the assessee to be liable for penalty of Rs. 95,35,750 being the amount received/taken/accepted in cash. 4. The assessee carried the matter before the learned Commissioner of Income-tax (Appeals) by way of filing the appeal who has accepted the appeal and cancelled the penalty levied by the Assessing Officer. Feeling aggrieved, the Revenue has come up before the Tribunal by way of filing the present appeal. 5. The assessee has not preferred to put in appearance despite issuance of the notice of hearing for April 11, 2016 and July 4, 2016 and consequently, we proceeded to decide the present appeal with the assistance of the learned Departmental representative as well as on the basis of documents avai....

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.... or (b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or (c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more : Provided that the provisions of this section shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by,- (a) Government ; (b) any banking company, post office savings bank or co-operative bank ; (....