2026 (8) TMI 757

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....as "the Act") arising out of assessment orders dated 25.09.2024 and 24.09.2024 passed by Ld. Assessing Officer ('AO') u/s 271D and 271E of the Act respectively for assessment year 2016-17. 2. Brief facts of the case are that the information on Insight Portal that the assessee Naresh Kumar had made cash deposit and earned interest other than interest on securities to the tune of Rs. 1,24,38,724/- (Cash Deposit Rs. 1,20,01,000/-, interest Rs. 4,37,724/-) during the financial year 2015-16 relevant to assessment year 2016-17 was available. The assessee did not file return of income. The case was reopened and notice u/s 148 of the Act dated 29.03.2023 was issued. The assessment u/s 147 r.w.s. 144 of the Act was completed on 16.03.2024 on Nil ....

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....e Act. Ld. CIT(A) failed to appreciate that the appellant/assessee was agriculturist and had received amounts in cash and repaid the same in cash. The appellant/assessee had no bank account in his own name at the time of taking amounts from farmers for purchase of agricultural land. Since, the transactions were genuine, amount received in cash was deposited to the bank in good faith. The appellant/assessee had submitted:     page No. 1. Bank statement of the Assessee 01-02 2. Death Certificate of Partap-Father of assessee 03-04 3. Documents of Sh. Jasbir-farmer 05-16 4. Documents of Sh. Satpal Singh 17-46 5. Documents of Sh. Kuldeep 47-56 6. Copy of show cause notice date....

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....nts and submissions, it is evident that the appellant/assessee had a reasonable cause for violation of provision of Section 269SS and 269T of the Act. 10. As per order dated 15.01.2025 of ITAT Pune in ITA No. 1600/Pun./2024 titled as Nilons Enterprises Pvt. Ltd. vs. ITO in para No. 8.5 is observed as under: "8.5 We find when the Revenue challenged the above order before the Hon'ble Supreme Court, the Hon'ble Supreme Court dismissed the SLP filed by the Revenue as reported in [2019] 102 taxmann.com 57(SC). Since the facts of the instant case are identical to the facts of the case decided by the Hon'ble Jurisdictional High Court and SLP has been dismissed by the Hon'ble Supreme Court, therefore, respectfully following the same, we....