Martin Alex Correa, Mumbai vs. JCIT RG 24(2), Mumbai
In the result, assessee’s appeal stands dismissed
ITA 2507/MUM/2013[2007-08]Status: DisposedITAT Mumbai09 Oct 2015AY 2007-08
Bench: Shri Rajendra & Shri Saktijit Deyआमकय अऩीर सं. / Ita No.2507/Mum./2013 (ननधधायण वषा / Assessment Year : 2007–08) Shri Martin Alex Correa 3/7, Joseph Cottage …….………. अऩीरधथी / Chincholi, Bunder Road Appellant Malad (W), Mumbai 400 064 Pan – Aagpc1700M V/S Jt. Commissioner Of Income Tax ..…….………. प्रत्मथी / Range–24(4), Bandra (E), Mumbai Respondent ननधधारयती की ओय से / Assessee By : Shri Bhupendra Shah यधजस्व की ओय से / Revenue By : Shri Vivek Batra सुनवधई की तधयीख / आदेश घोषणध की तधयीख / Date Of Hearing – 24.09.2015 Date Of Order – 09.10.2015
For Appellant: Shri Bhupendra ShahFor Respondent: Shri Vivek Batra
Section 269SSection 271D
…the assessee is able to show reasonable cause for accepting the amount in cash and the transaction is bona fide, no penalty is imposable. In this regard, he relied upon the decision of the Hon'ble Gujarat High Court in Bombay Conductors and Electricals Ltd., 301 ITR 328 (Guj.). 5. The learned Departmental Representative, on the other hand, submitted that the provisions of section 269SS puts a bar on cash transaction exceeding certain prescribed limit. Therefore, receipt of loan exceeding the prescribed limit in cash straight away attracts the provisions of section 269SS. The learned Departmental Representative…
