Baskar v. CIT

AURORA EDUCATIONAL SOCIETY,HYDERABAD vs. ACIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, the appeal filed by the assessee in ITA

…1255 to 1257/Hyd/2025 Aurora Educational Society 28. Coming back to the case laws relied upon by the learned CIT-DR for the Revenue. The learned CIT-DR for the Revenue has relied upon decision of Hon’ble High Court of Madras in the case of P. Bhaskar vs., CIT 340 ITR 560 (Mad.). We have gone through the relevant case law relied upon by the learned CIT-DR for the Revenue and we find that, in the above case, it was the finding of the Hon’ble High Court of Madras that, “where there was no material to show that in fact there was a real exigency that compelled assessee to go for cash loan, penalty u/sec.271D of the Ac…

AURORA EDUCATIONAL SOCIETY,HYDERABAD vs. DCIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, the appeal filed by the assessee in ITA

…1255 to 1257/Hyd/2025 Aurora Educational Society 28. Coming back to the case laws relied upon by the learned CIT-DR for the Revenue. The learned CIT-DR for the Revenue has relied upon decision of Hon’ble High Court of Madras in the case of P. Bhaskar vs., CIT 340 ITR 560 (Mad.). We have gone through the relevant case law relied upon by the learned CIT-DR for the Revenue and we find that, in the above case, it was the finding of the Hon’ble High Court of Madras that, “where there was no material to show that in fact there was a real exigency that compelled assessee to go for cash loan, penalty u/sec.271D of the Ac…

AURORA EDUCATIONAL SOCIETY,HYDERABAD vs. ACIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, the appeal filed by the assessee in ITA

…1255 to 1257/Hyd/2025 Aurora Educational Society 28. Coming back to the case laws relied upon by the learned CIT-DR for the Revenue. The learned CIT-DR for the Revenue has relied upon decision of Hon’ble High Court of Madras in the case of P. Bhaskar vs., CIT 340 ITR 560 (Mad.). We have gone through the relevant case law relied upon by the learned CIT-DR for the Revenue and we find that, in the above case, it was the finding of the Hon’ble High Court of Madras that, “where there was no material to show that in fact there was a real exigency that compelled assessee to go for cash loan, penalty u/sec.271D of the Ac…

NIMMATOORI RAMESH BABU,HYDERABAD vs. ACIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, appeal ITA

Bench: Shri Manjunatha G & Shri Ravish Sood

…absolve the liability of the assessee. In this regard, he relied upon decision of the Hon’ble Supreme Court in the case of Assistant Director of Inspection vs., Kum. AB Shanti and the decision of Hon’ble High Court of Madras in the case of P. Bhaskar vs., CIT 340 ITR 560 (Mad.). He accordingly pleaded that, the order of the CIT(A) should be upheld. 9. We have heard both the parties, perused the material on record and gone through the orders of the authorities below. The facts borne from the record shows that, for the assessment year 2016-2017, the Assessing Officer made addition of Rs.33,75,000/- under the Head…

LATE NIMMATOORI RAJABABU L/R BY ANUDEEP NIMMATOORI,HYDERABAD vs. ACIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, appeal ITA

Bench: Shri Manjunatha G & Shri Ravish Sood

…absolve the liability of the assessee. In this regard, he relied upon decision of the Hon’ble Supreme Court in the case of Assistant Director of Inspection vs., Kum. AB Shanti and the decision of Hon’ble High Court of Madras in the case of P. Bhaskar vs., CIT 340 ITR 560 (Mad.). He accordingly pleaded that, the order of the CIT(A) should be upheld. 9. We have heard both the parties, perused the material on record and gone through the orders of the authorities below. The facts borne from the record shows that, for the assessment year 2016-2017, the Assessing Officer made addition of Rs.33,75,000/- under the Head…

NIMMATOORI SULOCHANA,HYDERABAD vs. ACIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, appeal of the assessee is allowed

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

…demonstrated for receiving the monies outside the banking channels. In support of the above observations, the learned Jt./Addl. CIT, Central Range-2, Hyderabad has relied on the decision of Hon’ble Madras High Court in the case of P. Bhaskar vs. C.I.T. (Mad) 340 ITR 560 (Mad.) and also the Judgment of Hon’ble Supreme Court in the case of Assistant Director of Inspection vs. Kum. A.B.Shanthi (2002) 255 ITR 258 (SC)], where it has been held that, “relief from the penal provisions of section 271D is possible, if the assessee proves that, there was reasonable cause to take a loan otherwise than by account payee cheq…

NIMMATOORI YASHODA,HYDERABAD vs. DCIT., CENTRAL CIRCLE 2(4), HYDERABAD

In the result, appeal of the assessee is allowed

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

…demonstrated for receiving the monies outside the banking channels. In support of the above observations, the learned Jt./Addl. CIT, Central Range-2, Hyderabad has relied on the decision of Hon’ble Madras High Court in the case of P. Bhaskar vs. C.I.T. (Mad) 340 ITR 560 (Mad.) and also the Judgment of Hon’ble Supreme Court in the case of Assistant Director of Inspection vs. Kum. A.B.Shanthi (2002) 255 ITR 258 (SC)], where it has been held that, “relief from the penal provisions of section 271D is possible, if the assessee proves that, there was reasonable cause to take a loan otherwise than by account payee cheq…