2024 (8) TMI 1749

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....DER PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 24/01/2024 passed by NFAC, Delhi for the quantum of assessment passed u/s.  143(3) r.w.s. 147 for the A.Y. 2012-13. 2. In various grounds of appeal assessee has challenged the validity of assessment and addition of Rs. 86,00,000/- made by the ld. AO u/s. 269SS on the basis of entri....

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....ng as under:- "9 All documentary evidences, findings and the fact that Shri Nilesh Bharani avoiding giving statements clearly confirm the fact that the assessee has taken cash loan from/through Nilesh Bharani/Evergreen Enterprises. Section 269SS provides that any loan or deposit or any specified sum shall not be taken or accepted from any other person otherwise than by an account payee ch....

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....d sum of Rs 20,000 or more otherwise than by way of an account payee cheque or an account payee draft or use of electronic clearing system through a bank account. The limit of Rs 20,000 will also apply to a case even if on the date of taking or accepting such loan or deposit any specified sum, any loan or deposit any specified sum taken or accepted earlier by such person from such depositor is rem....

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....,000/- as unexplianed cash loan. Section 269SS prohibits of taking any loan or deposit otherwise by account payee cheque or banking system. Nowhere, the Section speaks about making any addition. The violation of Section 269SS entails penalty u/s. 271D which provides that if a person takes and accepts any loan or deposit in contravention of provision u/s. 269SS, he shall be liable to pay, by way of....