2018 (4) TMI 1278

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....lant by : Shri Pradeep G. Tulsion, AR Respondent by : Shri Santosh Karnani, Sr. D.R. ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: 1. ITA Nos. 3072 & 3073/Ahd/2016 are two appeals by the assessee preferred against the two separate orders of the Ld. CIT(A)-10, Ahmedabad dated 28.09.2016 pertaining to A.Y. 2012-13. Both these appeals were heard together and are disposed of by this common o....

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.... alleged violation and levied penalty of Rs. 1,92,000/- u/s. 271D of the Act and Rs. 1,04,000/- u/s. 271E of the Act. 4. Assessee carried the matter before the ld. CIT(A) but without any success. 5. Before us, the ld. counsel for the assessee stated that therefore Shri Bhupendrabhai Patel is the brother of the assessee and Shri Bhadresh Patel is the father of the assessee. It is the say of t....

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....e Court in the case of Kum. A.B. Shanthi 255 ITR 258 has held that "the object of introducing section 269SS is to ensure that a taxpayer is not allowed to give false explanation for his unaccounted money, or I he has given some false entries in his accounts, he shall not escape by giving false explanation for the same. During search and seizures, unaccounted money is unearthed and the taxpayer wou....

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....osed for contravening provisions of Section 269T". The Hon'ble High Court of Madras in the case of Idhayam Publication Ltd. 285 ITR 221 has held that "the transaction between the assessee and the director-cum-shareholder was not a loan or deposit and it was only a current account in nature and no interest was being charged for the above transaction. The deletion of penalty was justified." 7. Th....