TaxTMI 
TaxTMI 
2017 (12) TMI 1473
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.... Baroda, dated 11/12/2013 for the Assessment Years (AY) 2010-11. 2. First we take up ITA No.2988/Ahd/2017 for A.Y. 2010-11. Following Grounds has taken by the department in this appeal. "On the facts and in the circumstances of the case and in law the Ld. C.I.T.(A) has erred in deleting the penalty levied u/s.271D of the Act, without appreciating the fact that the assessee neither produced confirmation letter in support of the contention that his father gave him Rs. 9,60,000/- to enable him to settle in life without any precondition of repayment, nor did the assessee produce any evidence to explain that amount of Rs. 9,60,000/- given by his father was not a loan/deposit." 3. CBDT Circular No.21 of 2015 dated 10.12.2015. The l....
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....penalty levied u/s. 271E of the I.T. Act without appreciating the fact that assessee during the course of penalty proceedings himself admitted to have repaid short term loan to his father aggregating Rs. 12,90,000/-. 2. On the facts and circumstances of the case and in law the Ld. C.I.T, (A)- IV, Baroda erred on relying on the affidavit filed by the assessee's wife during the course of appellate proceedings while deleting the penalty. 6. The brief facts of the case are that during the course of assessment proceeding in the case of assessee for the assessment year 2010-11, found that the assessee has repaid loan in cash aggregating to Rs. 17,40,000/- from Pratixaben A. Joshi and Gunvantrai M. Joshi as follows: "Date Amo....
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..../2013 according to which the undersigned has been 'assessed u/s.143(3) r.w.s. 147 of the I.T. Act, 1961; Tax and interest u/s.234A, 234B & 234C is charged. Penalty notice u/s.271(1)(c) of the I.T. At, 1961 has been issued. Demand notice and challan issued accordingly'. Vide please last three lines of para 6.1 of the order - u/s.143(3) dtd.12/02/2013. Initiation of penalty has not been proposed on conclusion of assessment. 2. What the undersigned has been done was the repayment of the money to the Bigger Joint Family of which I am a coparcener/ member and administered by Shri Gunvantrai M. Joshi, father who is Karta of the family. The aggregate amount of Rs. 12,90,000/- was short loan repaid to father as under: Amounts were not retu....
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....t. Accordingly, this is a fit case for levy of penalty u/s271E of the Act. The total payment made in cash as per the Assessing Officer's report for the A.Y. 2010-11 is Rs. 17,40,000/-, Accordingly, a penalty of Rs.l7,40,000/- is levied u/s.271E of the I.T. Act, 1961 for the A.Y.2010-2011." 7. Against the said order assessee filed an appeal before the first appellate authority and ld. CIT(A) allowed the appeal of the assessee. 8. Now appeal is before us. 9. We have gone through the relevant record and impugned order. In this case, Assessing Officer observed that said repaid loan in cash in aggregating was exceeding Rs. 20,000/-, the assessee contravened the provisions of Section 269T of the I.T. Act, 1961 and thereby the assesse....