2021 (9) TMI 129

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.... ORDER Per Mahavir Prasad, JM This appeal has been filed by the Assessee is directed against the order of the Commissioner of Income Tax ('hereinafter called CIT(A)') order No. CIT(A)-11/C.C-1(1)/Abd/552-A/2016-17 order dated 01/08/2018 arising out of assessment order dated 07.01.2016. Assessee has taken following grounds of appeal: 1. That the learned CIT(A) has erred in la....

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....he above, both the lower authorities failed to appreciate that the appellant had not violated the provisions of section 269SS for accepting amount in current account transactions and considering also that there was reasonable cause within the meaning of section 273B of the Act, penalty u/s. 271D was not leviable. It be so held now and penalty of Rs. 17,40,000/- be deleted. 4. The order pa....

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....ted before the Ld. A.O. 4. Section 271D contemplate that if a person takes or accepts any loan or deposit in contravention of the provisions of section 269SS, he shall be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted. 5. In this case, assessee company undisputedly accepted cash of Rs. 17,40,000/- from its director Shri Mitesh R. Shah,....

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....firm treating the amount received as appellant companies income by the Assessing Officer in his order dated 07.01.2016 and assessee paid taxes thereon. 8. In support of its contention, Ld. A.R. cited a judgment of Jurisdictional High Court in the matter of CIT vs. Shyam Corporation 218 Taxman 136 (Guj.) wherein it is held that if assessee received booking advance in cash which, during assessmen....