2024 (5) TMI 962

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he order passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, whereby the appeal filed by the CIT bearing No. IT (S.S.) A No. 31 (ASR)/2004, was allowed. 3. This Court vide order dated 19.10.2007 while admitting the appeals, framed the following questions of law which are as under:- "1. Whether on the facts and circumstances of the case, the Tribunal had erred in law by failing to appreciate that now when Section 158BFA (2) of the Income Tax Act, 1961 as had been brought on the statute with effect from 1.1.1997 expressly mentions the cases and circumstances in which penalty can be imposed, and there is no mention of the penalty imposable if there is violation of the provisions under Section 269SS of the 'Act', therein n....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nover was found to be Rs. 19,43,400/- which was found to be on account of Pawning business and the profit declared by the asseseee on the said basis. The submissions of the learned counsel for the appellant would rest on the interpretation of Section 269(SS) as well as 271 (d) as it existed at the relevant time and for the said purpose it would be apposite to quote the said Section which reads as under:- "269SS. No person shall take or accept from any other person (herein referred to a the depositor), any loan or deposit or any specified sum, otherwise than by a account payee cheque or account payee bank draft or use of electronic clearing system through a bank account [or through such other electronic mode as may be prescribed], if, (....