SH. MADAN LAL GUPTA,KESHAV NAGAR, ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

ITA 579/JPR/2023Status: DisposedITAT Jaipur09 February 2024AY 2017-18Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)44 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the penalty under Section 271D was wrongly levied as the agreement did not clearly state the assessee received cash in contravention of Section 269SS. The assessee's share of the advance was received via RTGS, and the penalty provisions require strict interpretation.

What were the facts?

During a search, the assessee voluntarily surrendered Rs. 10 lacs and Rs. 3 lacs as undisclosed income. Later, the assessee retracted these surrenders, claiming they were based on loose papers and that the cash found was explained by business balances. The Assessing Officer (AO) made additions based on the sworn statements.

What were the issues?

Whether additions based on voluntary surrender during search, later retracted, are valid. Whether penalty under Section 271D is leviable for alleged cash receipt in violation of Section 269SS when the evidence is not conclusive.

Which sections of the Income-tax Act were involved?

Section 132,Section 132(4),Section 143(3),Section 153A,Section 271D,Section 269SS

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Cases cited in this judgment(8)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA. No. 579 & 580/JPR/2023

For Appellant: Shri P.C. Parwal (C.A.) jktLo dh vksj ls@
Hearing: 07/02/2024Pronounced: 09/02/2024

PER: DR. S. SEETHALAKSHMI, J.M.

These two appeals are filed by the assessee and are arising out of the two separate orders of the learned Commissioner of Income Tax (Appeals)-4, Jaipur both dated 18.08.2023 & 04.08.2023 [Here in after referred as “(CIT(A)” ] for the assessment year 2017-18 respectively, which in turn arises from the order passed by the ACIT, Central Circle, Alwar passed under Section 143(3) r.w.s. 153A of the Income

The order continues below.

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