2016 (12) TMI 619

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....ral) This is an appeal against the order of the Tribunal confirming the order of the CIT (Appeals) deleting the penalty imposed by the Assessing Officer under Section 271D for violation of the provisions of Section 269SS of the Income Tax Act, 1961. The matter pertains to the assessment year 2007-08. According to the appellant, the following substantial questions of law arise for consideration:....

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....n the instant case loan/deposits were received by the respondent in cash as could be seen from the transactions extracted in the assessment order and hence the circular was not applicable ? (iii) Whether, on the facts and circumstances of the case and in law, the ITAT has erred in not taking into consideration the judgment of the Hon'ble Punjab & Haryana High Court in the case of Char....