2020 (7) TMI 392

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.... A.T.VARKEY, JM This is an appeal filed by the assessee against the order of Ld. CIT(A)-10, Kolkata dated 21.08.2018 for AY 2013-14. 2. The sole ground involved in this appeal of assessee is against the action of the Ld. CIT(A) in confirming the penalty imposed of Rs. 1,55,000/- u/s. 271D of the Income-tax Act, 1961 (hereinafter referred to as the "Act") 3. None appeared for the assessee.....

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....0/- on 10.07.2012 and another sum of Rs. 1,40,000/- on 31.03.2013, both in cash totaling to Rs. 1,55,000/- which is in contravention of section 269SS of the Act and since the assessee failed to offer any cogent ground or any exigency to accept cash loan from his son, he imposed penalty u/s. 271D of the Act for violation of the provisions of section 269SS of the Act and accordingly, imposed penalty....

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.... son Shri Saurabh Agarwal has observed that from the ledger account of Shri Subhas Agarwal in the books of account of M/s. East India Mercantile Co., a proprietorship concern of the assessee it is seen that the assessee had received a sum of Rs. 15,000/- on 10.07.2012 and another sum of Rs. 1,40,000/- on 31.03.2013 both in cash. The explanation of the assessee was that his son who earns income fro....