purview of penalty under Section 271D of the Act, for violation of Section 269SS as their case is distinct and different than that ... Section 271D of the Act, provided it is established that there exited a reasonable cause for not complying with the prescription of Section 269SS
Section 269T were violated by the assessee. Accordingly, the penalty notices under sections 271D and 271E were issued. In response to notice under section ... upheld.
6. Regarding penalty under section 271D , the first contention on behalf of assessee is that provisions of Section 269SS were brought on statute
holding that the transaction is covered by mischief of provisions of section 269SS. On facts and circumstances prevailing in the case and as per provisos ... appellant is not covered by mischief or provisions of section 269SS and consequently by mischief of provisions of section 271D of the Act. The penalty
orders passed under section 271D and 271E cannot be revised under section 263 because sub-section (1) of section 263 says about the order passed ... penalty under sections 271D and 271E of the Act. The Dy. CIT initiated the penalty proceedings under section 271D read with section 269SS
section was to cover such presumptive loans also as per the deeming provision of Section 132(4A) . Thus, according to the ld. counsel, this section ... provisions of Section 271(1)(c) and provision in regard to violation of Section 269-SS contained in provisions of Section 271-D . According
stated that he has received loans in contravention of provisions of section
269SS as he was not aware of the legal provisions. The assessee ... being audited under section 44AB of the Income
Tax Act, 1961. Hence, the contention that it was unaware of the section 269SS
is not acceptable
section 271C , [ section 271CA ] section 271D ,
section 271E , [ section 271F , [ section 271FA ,] [ section
271FA ] [ section 271FAA .] [ section 271FAB ,] [ section
271FB ] [ section 271G ,] [ section 271GA ,] ( section ... section (2) of section 272A , sub-section (1) of section
272AA ] or [ section 272B or] [sub-section (1) [or sub- section
(1A)] of section 272BB
basic difference between the provisions of section 271(1)(c) and provision in regard to violation of section 269SS contained in provisions of section 271D ... section 27 1 E, the department need not to go for further verification to establish that assessee had contravened the provisions of section 269SS . According
deleting penalty levied
u/s 271D of the Act of Rs. 1,37,73,000/- for violation of section
269SS ... deleting the impugned penalty
levied u/s. 271D of the Act by the Ld.AO for violation of
sec.269SS of the Act; alleging that
loans in cash from various persons in
violation of provisions of section 269SS. The AO informed the JCIT,
Central Range, Nashik about the acceptance ... section 296SS in accepting the loan in cash. He
accordingly fairly conceded that the assessee has violated the provisions
of section 269SS by accepting cash
