TaxTMI 
TaxTMI 
2000 (9) TMI 14
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....Aggarwal, is a medical practitioner having a nursing home at A-22, Vishal Enclave, New Delhi. The petitioner is an income-tax assessee. The brief facts necessary to dispose of this petition are recapitulated as under: The petitioner received cash loans during the assessment year 1987-88 from Rakesh Aggarwal and Renu Gupta. The details of the cash loans taken during that period are set out as under: --------------------------------------------------------------------- Serial Name of the person from Amount of Date of receipt No. whom loan was accepted cash (Rs.) ------------------....
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....ertaining to the assessment year 1987-88 against the petitioner, Radhey Shyam Agarwal, for committing an offence under section 276DD of the Income-tax Act, 1961. In the complaint it is mentioned that the complainant has been duly authorised to file the complaint. It is also mentioned in the complaint that the acceptance of cash loan of Rs.10,000 from Rakesh Aggarwal and cash loan of Rs.17,000 from Renu Gupta in the assessment year 1987-88, by the petitioner was in contravention of section 269SS of the Income-tax Act, 1961. Section 269SS reads as under: "269SS. Mode of taking or accepting certain loans and deposits.--No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section refer....
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....r deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this Act. Explanation.--For the purposes of this section, - (i) 'banking company' means a company to which the Banking Regulation Act, 1949 (10 of 1949), applies and includes any bank or banking institution referred to in section 51 of that Act; (ii) 'co-operative bank' shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949); (iii) 'loan or deposit' means loan or deposit of money." That the petitioner was served a show-cause notice on January 12, 1989. Reply to the notice was submitted on February 28, 1989. The learned Additional Metropolitan Magistrate has fram....
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....the judgment of Salwan Construction Co. v. Union of India [2000] 245 ITR 175 delivered on April 26, 2000, in Criminal Miscellaneous (Main) No. 1155 of 1998 by D.K. Jain J. of this court. In this case, the main question which arose for the consideration was whether after the substitution of a new section 276B, with effect from April 1, 1989, omitting the default of non-deduction of tax at source from the ambit of the said section, a complaint for failure to deduct tax at source during the period prior to April 1, 1989, could still be filed after the said date? It is held in that case that a bare perusal of the aforenoted provisions read with the object behind the amendment of section 276B and simultaneous introduction of the new section 271C....