2021 (1) TMI 408

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.... assessee directed against the order of the Commissioner of Income Tax-(A)-6, Kolkata dated 14.03.2019 passed u/s. 250 of the Income Tax Act, 1961 (the 'Act ') relating to A.Y. 2013-14, wherein he confirmed the penalty of Rs. 6,54,118/- levied by the Assessing Officer on the assessee u/s. 271E of the Income Tax Act, 1961. 2. None appeared on behalf of the assessee, nor was a petition fo....

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....her the AO find that the assessee had paid in cash an amount of Rs. 1,26,118/- to M/s. L & T Finance Ltd. on 13.07.2012 towards repayment of finance obtain by him for purchase of trucks. The assessee explain the urgency for the payment and also submitted that the transactions will genuine. The payment was made in cash on due dates to avoid the default in repayment of loan, which would effect asses....

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....actions are genuine. Both the Assessing Officer as well as the Ld. CIT(A) have not doubted the genuineness of the transactions. It is also not clear whether the finance obtained is, a lease finance or hire purchase finance. The assessee has explained the urgency leading to payment of instalment in cash. The lender have confirmed this fact. It is a fact that CBIL ratings are efficiently resulting i....