Penalty under sec 271D can be imposed in the absence of allotment against money received in cash or proper details of transaction
Last updated: 13 March 2012
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
The tribunal in the impugned order has not referred to the factual matrix or given any finding either affirming or contrary to the finding recorded by the Assessing Officer/CIT (Appeals). The tribunal referred to the decision of the Jaipur Bench in the case of Jagvijay Auto Finance Pvt. Ltd. Vs. ACIT, 52 ITD 504 and held as under:-
“4. We have considered the facts of the case and submissions made before us. A coordinate bench of the Tribunal has already taken the decision in the matter that at the time of receipt, there is no liability on the assessee to return the money. Such a liability arises only in case shares are not allotted to the depositor. Thus, it has been held that penalty is not leviable in such circumstances. Relying on this order, the penalty confirmed by the ld. CIT(A) is deleted.”
Citation :
CIT ..... Appellant Through Mr. N.P. Sahni, sr. standing counsel for Ms. Rashmi Chopra.Versus NUMERO UNO FINANCIAL SERVICES PVT LTD ..... Respondent
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Ayush
Published in Income Tax
Views : 2328
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