JAMNDAS RAMJIBHAI VIKANI, MANAVADAR vs. THE DCIT, CIRCLE-1(1), RAJKOT, RAJKOT

ITA 215/RJT/2022Status: HeardITAT Rajkot28 June 2023AY 2000-01Bench: SHRI WASEEM AHMED (Accountant Member), Ms. MADHUMITA ROY (Judicial Member)29 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that levying penalty under Sections 271D and 271E when the peak credit of the transactions was already taxed as undisclosed income under Section 68 is contradictory and thus void ab initio. The appeals challenging these penalties were allowed.

What were the facts?

The assessee's appeals arose from penalties levied under Sections 271D and 271E for alleged violations of Sections 269SS and 269T. The Assessing Officer had treated peak credit of certain transactions as undisclosed income and simultaneously initiated penalty proceedings for taking/accepting loans/deposits.

What were the issues?

Whether penalty under Section 271D/271E can be levied if the same transactions are already assessed as undisclosed income under Section 68. Whether the appeals are time-barred.

Which sections of the Income-tax Act were involved?

Section 271D,Section 271E,Section 269SS,Section 269T,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “RAJKOT” BENCH, RAJKOT

Before: SHRI WASEEM AHMED&

For Appellant: Shri Mehul Ranpura, A.R, Shri Shramdeep Sinha, Sr.D.R

PER Ms. MADHUMITA ROY - JM: The instant four appeals at the instance of the assessee are directed against two sets of orders; two dated 16.07.2003 passed by the Commissioner of Income Tax (Appeals)-IV, Rajkot in ITA Nos. 215 & 216/Rjt/2022 & and other two orders dated 27.01.2023 passed by the Commissioner of Income Tax (Appeals)-13, Ahmedabad in ITA Nos. 72 & 73/Rjt/2023 (hereinafter

ITA Nos. 215/Rjt/2022 & 3 Ors. (Jamnadas R. V

The order continues below.

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