excess of Rs.20,000/- by contravening the
provisions of section 269SS the Assessing Officer referred the matter
to the Jt.CIT, Range-2, Jalgaon ... cash, the provisions of sec. 271D i.e. penalty for failure to
comply with the provisions of sec.269SS are applicable in its case. Sec
hold the petitioner liable to penalty under section 271D for non-
compliance with section 269SS . The Assessing Officer cannot be permitted to
treat the amount ... stage or in subsequent
proceedings. The penalty imposed under section 271D read with section 269SS
cannot, therefore, be sustained
Kamgar Gramin
Bigarsheti Patsanstha Ltd. in contravention of the provisions
of section 269SS. Consequently, on a proposal by Assessing
Officer, penalty proceedings u/s.271D ... provisions of section 271D of
the Income Tax Act which was confirmed by the CIT(A).
4. A plain reading of section 269SS makes
from M/s. Sai
Trading Company in violation of provisions of section 269SS of the
Income-tax Act. It appears that ... deposit' and there
was no violation of section 269SS . As explained by the assessee that
M/s. Sai Trading Company which was a firm
under the provisions of section 271D for contravention of the
provisions of section 269SS of the Act.
3. Matter was carried before the First Appellate ... reasonable cause within the meaning of section 273B . The first
proviso to section 269SS provides that the provisions of this section
shall not apply
Assessing Officer that the assessee have violated the provisions of Sec.
269SS and 269T of the Income-tax Act. The Assessing Officer, therefore,
initiated ... back by the assessee. The assessee also took up plea that Sec.
269SS contemplate the "Loan" but as the amounts in respect
reasons, the Revenue held that assessee had violated the
provisions of Section 269SS of the Act whereby he had received a loan ... deleting
the penalty levied under Section 271D of the Act for alleged contravention of
Section 269SS of the Act is hereby affirmed
cash the Assessing Officer was of the opinion
that provisions of section 269SS were attracted. He, therefore, referred
the matter to the Addl ... before the Assessing Officer. It was
submitted that the provisions of section 269SS are not applicable to the
facts of the present case. The decision
order of
authorities below and supported penalty levied u/s. 271D for
violating section 269SS of the I.T. Act.
4. After going through ... reasonable cause mentioned in section 273B . The assessee
has not made out the case of exception stipulated in section
269SS . The assessee is a commission
held that the above
payments were received in contravention of section 269SS and
has levied penalty u/s.271D of Rs.3,12,000/- which ... Representative
submitted that the assessee has not contravened the provisions
of section 269SS of I.T. Act by accepting the loan in cash because
