CALCUTTA TENT MANUFACTURING CO.,KOLKATA vs. ADDL. CIT, RANGE - 44, KOLKATA, KOLKATA

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ITA 182/KOL/2018Status: DisposedITAT Kolkata15 February 2019AY 2005-062 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the penalties under sections 271D and 271E were not sustainable. This was because the cash transactions in question, both in receiving and repaying loans, did not exceed the statutory limit of ₹20,000/- prescribed under sections 269SS and 269T of the Act.

What were the facts?

The assessee appealed against penalties levied under sections 271D and 271E of the Income Tax Act for the assessment year 2005-06. The penalties were imposed for receiving and repaying cash loans. The assessee did not appear for the hearing.

What were the issues?

Whether penalties under sections 271D and 271E are leviable when cash loan transactions do not exceed the statutory limit of ₹20,000/-.

Which sections of the Income-tax Act were involved?

Section 271D,Section 271E,Section 269SS,Section 269T

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Income Tax Appellate Tribunal, KOLKATA BENCH “C” KOLKATA

Before: Shri S.S.Godara & Dr. A.L. Saini

O R D E R

PER S.S.Godara, Judicial Member:

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