2025 (2) TMI 87

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....ESH KUMAR MISHRA, AM Since the facts of these cases relevant for deciding these appeals are common; therefore, these cases were heard together and are being disposed of by a common order. 2. The appeal ITA No. 1308/Del/2018 is in respect of penalty levied under section 271D of the Income Tax Act, 1961 (hereinafter, the 'Act') whereas the appeal ITA No.1309/Del/2018 is in respect of penalty levie....

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....000/- in cash from Mr. Ashwani Kumar. Thereafter, the CBI asked the assessee to handover the said crime money of Rs. 30,00,000/- to the CBI. The appellant/assessee, who was in possession of Rs. 13,00,000/- on 03.09.2013 (the date on which the CBI covered her premises), handed over the same to the CBI team. For handing over the remaining cash of Rs. 17,00,000/-, she requested for more time. To whic....

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....he 'AO') of Mr. Naveen Kaushik and Mr. Satbir Kaushik did not make any addition on this score. The Joint Commissioner of Income Tax, Panipat Range (hereinafter, the 'JCIT'), being not convinced with the reasonable cause/ circumstances/facts mentioned above, levied penalty for accepting cash loans aggregating to Rs. 17,00,000/- in violation of the provisions of section 269SS of the Act. 3.2 Later ....

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....s. 17,00,000/- within 3 days for handing over the same to the CBI as the CBI officials, on 03.09.2013, threatened her to arrest in case of failure of handing over of the sum of Rs. 17,00,000/- within the three days. She was not sure to get loans taken through cheque/drafts encashed within three days' time provided by the CBI. iii) The persons who advanced money to her were agriculturist and that....