INDIRA GANDHI MEMORIAL TRUST,NELLIKUZHY P.O vs. JOINT COMMISSIONER OF INCOME TAX (EXEMPTIONS), ERNAKULAM

ITA 165/COCH/2024Status: DisposedITAT Cochin30 September 2024AY 2012-13Bench: Shri Waseem Ahmed (Accountant Member), Shri Soundararajan K (Judicial Member)16 pages
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What did the Tribunal hold?

The Tribunal held that the repayment of deposits in cash was due to the insistence of the ex-employees and that the transactions were genuine, supported by ledger accounts and affidavits. The object of the provisions was not defeated as there were no allegations of unaccounted money or false entries.

What were the facts?

The assessee trust received cash deposits exceeding Rs. 20,000 from former employees as security deposits and later repaid some of these deposits in cash. The Assessing Officer initiated penalty proceedings under Section 271D for receiving deposits in cash and Section 271E for repaying deposits in cash.

What were the issues?

Whether penalty under Section 271D and 271E is leviable for receiving and repaying deposits in cash when the transactions are genuine and supported by evidence, and if there was a reasonable cause for non-compliance.

Which sections of the Income-tax Act were involved?

Section 271D,Section 271E,Section 269SS,Section 269T,Section 273B

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Cases cited in this judgment(7)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Waseem Ahmed & Shri Soundararajan K

Hearing: 24.09.2024Pronounced: 30.09.2024

Heard together (2 matters)

ITA No.165/Coch/2024
ITA No.54/Coch/2024

Read from the judgment's own cause title. This page is filed under one of them.

Per Bench : These two appeals filed by the assessee challenging the orders of the CIT(A)/NFAC, Delhi, dated 13.12.2023, against the levy of penalty u/s.271D and 271E of the Act, respectively, in respect of the assessment year 2012-2013. First we take the appeal ITA No.165/Coch/2023:

2.

Delay of 23 days is condoned by considering the assessee’s condonation petition explaining the delay(s) as well as going by the decision in the case of Collector Land Acquisition v. Mst.Katiji & Ors. (1987) 167 ITR 471 (SC) settling the issue long back that all such technical aspects

2 ITA No.165 & 54/Coch/2024. Indira Gandhi Memorial Trust. must make

The order continues below.

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