2025 (10) TMI 214

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....ORDER PER KRINWANT SAHAY, AM: This appeal filed by the Revenue is against the order of the Ld. CIT(A)-25, New Delhi dated 31.03.2016 relating to assessment year 2012-13 on the following ground:- "1. The Ld. CIT(A) has erred in law and on the facts in deleting the penalty u/s. 271D of the Act of Rs. 25 Crores imposed on the assessee for violation of provisions of section 269SS of the....

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....he office of Sh. Sanjeev J. Aeren. On the basis of these documents, it was concluded by the ACIT, CC- 9, New Delhi, i.e. the Assessing Officer of Sh. DK Gupta, brother of Sh. Sanjeev J. Aeren (the assessee) that a cash loan of Rs. 25 crores was given by Sh. DK Gupta to Sh. Sanjeev J. Aeren on 31.7.2011, in lieu of which 25% of the undivided share of the property bearing no. 15/1, Prithvi Raj Road,....

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.... the assessee i.e. Sh. Sanjeev J. Aeren had received cash loan amounting to Rs. 25 crores in contravention to the provisions of section 269SS of the Act and was liable for penalty under section 271D of the Act. Assessee preferred appeal before the Ld. CIT(A), who vide his impugned order dated 31.03.2016 has allowed the appeal of the assessee. Aggrieved, with the action of the ld. CIT(A), Revenue i....

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....s are contained in the assessment order in the case of Sh. D.K. Gupta for AY 2012-13 and the only judicial pronouncement mentioned in the order are those mentioned by Sh. Sanjeev J. Aeren in the submission before the Additional CIT, Central Range-4, New Delhi, which are reproduced on page 3 of the penalty order. All these judicial decisions support the stand of the assessee. Other than these, no o....