2016 (12) TMI 1788

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....DER This is an appeal filed by the assessee against the order of CIT(A)- Jamshedpur, dated 29.11.2013, for the assessment year 2006-07. 2. The sole issue involved in this appeal is that the ld CIT(A) was not justified in confirming the levy of penalty of Rs. 5 lakhs u/s.271D of the Act. 3. I have heard the rival submissions and perused the materials available on record. In the instant cas....

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.... Rs. 5 lakhs made u/s.68 of the Act. Hence, it was his submission that no penalty u/s.271D of the Act was leviable when the transaction in violation of section 269SS of the Act were found to be genuine. For this proposition, he relied on the decision of Hon'ble Jurisdictional Jharkhand High Court in the case of OMEC Engineers vs CIT, 294 ITR 599 (Jhar). 5. On the other hand, ld D.R. relied on t....

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....rther, there is no finding of the appellate authority that the transaction in breach of the aforesaid provisions made by the assessee was mala fide and with the sole object to disclose the concealed or undisclosed money. The authorities have proceeded on the basis that breach of condition provided under s. 269SS shall lead to penal consequences. In the facts and circumstances of the case, the impo....