2024 (1) TMI 1543

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....ted 17/08/2020 passed by Ld. Joint Commissioner are illegal, arbitrary, bad in law and without jurisdiction, and are liable to be quashed/set aside. Page no.2 of w.s. 2. That Ld. Commissioner of Income Tax (Appeals)-16 and Ld. Joint Commissioner of Income Tax, Range-48 has not appreciated the appellant assessee was uneducated person and was not aware of the provision of sec 269SS which was newly amended. Page no.4 of w.s. 3. That Ld. Commissioner of Income Tax (Appeals)-16 and Ld. Joint Commissioner of Income Tax, Range-48 has not appreciated that the relevant amended provisions u/s 269SS are not very clear and self explanatory and there are some debatable issues for which clarification is required and under these circumst....

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.... details of all property transactions in cash. 2. The appellant has failed to prove that these transactions have been declared in Income Tax Returns as no details like ITR, PAN, Bank Account etc. were furnished. 3. The claim of the appellant that he is illiterate and uneducated can save him from the default committed by him. 4. The appellant has failed to prove that there was reasonable cause for receiving cash payment." Accordingly, JCIT levied penalty of Rs. 28,13,000/- u/s 271D of the Act for violation of provisions of section 269SS of the Act vide order dated 20/09/2019. 3. As against the penalty order dated 20/09/2019, the assessee preferred an appeal before the Ld. CIT(A), the Ld. CIT (A) vide ord....

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....tion shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by,- (a) Government; (b) any banking company, post office savings bank or co-operative bank; (c) any corporation established by a Central, State or Provincial Act; (d) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956); (e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette. Explanation.- -For the purposes of this section,- (i) "banking company" shall have the meaning assigned ....