2020 (3) TMI 1236

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt(s) No. 1 MR MANISH J SHAH(1320) for the Opponent(s) No. 1 ORAL ORDER (PER : MR. JUSTICE BHARGAV D. KARIA) 1. This Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short, 'the act, 1961') is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Ahmedabad-Bench 'A' dated 31.05.2019 in the IT(SS)A.No.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er than by way of cheque or account payee cheque or use of electronic clearing system through Bank accounts. When any person pay or accept any loan or deposit in contravention of provisions of Section 269SS of the Act, then he would be liable to pay by way of penalty under Section 271D of the Act, a sum equal to the amount of loan and/or deposit so taken or accepted. 4. According to the Assessi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hile deleting the addition of Rs. 13,79,300/- in the quantum appeal i.e. IT(SS)A. no.271/Ahd/2010. Taking into consideration all these material facts, we are of the view that no penalty is imposable upon the assessee under section 271D of the Act. We allow both the appeals and delete the impugned penalty." 6. In view of the aforesaid finding of fact given by the Tribunal that the Appellant-Reve....