2007 (4) TMI 218

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.... the assessee acted in contravention of the provisions of section 269SS of the Income-tax Act, 1961, by accepting a loan of Rs. 90,000 in cash in the year from April 1, 2000, to March 31, 2001, on different dates from his brother Pankaj Sharma is not in dispute. The details of the loan accepted by the assessee from his brother Pankaj Sharma are thus: Rs. 17,000  on 13-12-2000 Rs. 18,....

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.... the Income-tax Act.  In appeal preferred by the assessee, the Commissioner of Income-tax (Appeals) maintained the order of the Assessing Officer. On further appeal, the Income-tax Appellate Tribunal by its order dated October 6, 2005, set aside the penalty levied under section 271D. It is this order which is impugned in the present appeal by the Revenue. Counsel for the Revenue subm....

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....deposit so taken or accepted. Section 273B is an overriding provision. According to the said provision, no penalty shall be imposable on a person or assessee for any failure, inter alia, referred to section 271D if he proves that there was reasonable cause for the said failure. The Tribunal in its order has found that the genuineness of the deposits made by the assessee's brother Pankaj Sharma ....