TaxTMI 
TaxTMI 
2025 (4) TMI 1981
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....3-2021, an information was shared by ACIT, Central Circle- 1(1), Pune with ITO, Ward- 14(3), Pune that the assessee has taken cash loan of Rs. 4,00,000/- through Sachin Nahar. Since according to the Assessing Officer, the assessee has violated the provisions of section 269SS of the Act by accepting the loan of Rs. 4,00,000/- in cash otherwise than by an account payee cheque etc, therefore, penalty proceedings u/s 271D of the Act were initiated on 17-08-2022, requiring the assessee to show cause, why an order imposing penalty should not be made u/s 271D of the Act. Further, notices were issued on 19-10-2022, 14-11-2022 & also on 29-11-2022. The assessee complied & furnished his reply. The Assessing Officer imposed penalty of Rs. 4,00,000/- u....
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....ings and penalty proceedings are independent of each other, is bad in law. The grounds raised have been carefully examined with reference to the penalty order passed and the submissions uploaded. During the course of assessment proceedings, it was observed by the AO that the appellant-assessee has accepted cash from one Sachin Nahar amounting to Rs. 4,00,000/- in contravention of provisions of Sec. 269SS r.w.s. 271D. Accordingly, after affording four opportunities, the AO has levied the penalty u/s 271D of the Income Tax Act, 1961. In response to the opportunities given, the appellant has contended that the AO was not justified in levying the penalty based on the materials found during the course of search and the statemen....
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....opriate higher authority, as there is no whisper in the penalty order, regarding approval having been obtained before levy of penalty. The ground raised is general in nature that does not require adjudication. Ground No.4: All about grounds of appeal are without prejudice to each other. The ground raised is general in nature that does not require adjudication. Ground No.5: The Appellant craves leave to add, alter, amend, modify or delete the grounds of appeal, if need arises. The ground raised is general in nature that does not require adjudication. 6. In the result, the appeal of the appellant is treated as dismissed." 4. It is this order against which the assessee is in appeal befor....
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....In this regard, we find that proceedings u/s 271D of the Act were initiated on the basis of an information which was sent 01-03-2021 to the ITO, Ward- 14(3), Pune. And on 17-08-2022 notice to impose penalty u/s 271D was issued then the case was transferred to NFAC for completion of proceedings. In this regard, we find that the original assessment order was passed way back & no penalty was initiated u/s 271D of the Act since no satisfaction was recorded in the original assessment regarding so called violation of section 269SS of the Act. Subsequently, on 01-03-2021 an information was shared by Central Circle- 1(1), Pune with ITO, Ward- 14(3), Pune for necessary action that cash loan of Rs. 4,00,000/- was obtained by the assessee through Sach....