CIT v. Panchsheel Owners Associations

395 ITR 380High Court2017#9258 most cited

What is CIT v. Panchsheel Owners Associations authority for?

Penalty under Section 271D for violation of Section 269SS is not leviable if the transaction is genuine and there was a reasonable cause for accepting the cash loan.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2019 to 2026.

Also referred to as

CIT v. Panchsheel Owners Associations · Section 271D · Section 269SS · Section 273B · genuine transaction · reasonable cause · cash loan · penalty deletion · agriculturists · no taxable income

Also reported as

88 Taxmann.com 504

Sections most often in play

Section 271DSection 269SSSection 143(3)Section 273BSection 115BBESection 147Section 156Section 194IA

Issues it is cited on

penalty under section 271dsection 271esection 273section 269sssection 273bsection 271dsection 269agricultural incomelevy of penaltysection 26reasonable causegenuineness of the transaction

Judgments citing CIT v. Panchsheel Owners Associations

Mahesh Kenchanagundu, Nandyala vs. ITO., Ward-1, Nandyal

ITA 1611/HYD/2025[2015-14]Status: DisposedITAT Hyderabad11 Mar 2026AY 2015-14

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdiaआ.अपी.सं / Ita.No.1611/Hyd/2025

Section 147Section 269SSection 271DSection 273B

…led establishing the identity and agricultural income source of the lenders, which was not duly considered. • That the penalty levied is contrary to settled judicial principles laid down in the following decisions: CIT v. Panchsheel Owners Associations (2017) 395 ITR 380 (Guj. HC) Penalty deleted where cash loan was genuine and reasonable cause for acceptance proved. Narendrakumar Chunilal Soni vs. JCIT, ITAT Ahmedabad Penalty deleted for genuine cash loans from agriculturists with no taxable income. Maa Khodiyar Construction (Gujarat HC) No penalty for genuine cash loan from agriculturists. ITAT Cochin Bench ITA…

Bommarabettu Madhu Sudhana Acharya, Udupi vs. Income Tax Officer, Ward-1 and Tps, Udupi

In the result, appeal filed by the assessee is allowed

ITA 937/BANG/2025[2016-17]Status: DisposedITAT Bangalore12 Feb 2026AY 2016-17

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year: 2016-17

For Appellant: Ms. Pratibha R., A.RFor Respondent: Sri Balusamy N., D.R
Section 143(1)Section 143(2)Section 143(3)Section 250Section 269SSection 271DSection 274Section 54E

…e Act remains the same i.e. to deter the use of unaccounted money and allow relief as per provisions of section 273B of the Act considering reasonable cause. On a similar footing, the Hon’ble Gujarat High Court in CIT Vs. Panchsheel Owners Associations (2017) 395 ITR 380 (Guj) (HC), held that “genuineness of the transaction had not been disputed and there is reasonable cause”. The Hon’ble Supreme Court in the case of Chamundi Granites (Pvt.) ltd. (2002) (122 taxman 574) (SC) while considering hardship caused by section 269SS of the Act as appended to the provisions of section 273B of the Act and held that “sectio…

Maheshwarappa Muniramu, Bangalore vs. Joint Commissioner of Income Tax, Range 2(2), Bengaluru

In the result, appeal filed by the assessee is allowed

ITA 757/BANG/2025[2017-18]Status: DisposedITAT Bangalore26 Sept 2025AY 2017-18

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyassessment Year : 2017-18 Maheshwarappa Muniramu #4261/17, 2Nd Cross, 20Th Main Subramanya Nagar Jcit Vs. Bengaluru 560 021 Range 2(2) Bangalore Pan No :Aempm8290C Appellant Respondent Appellant By : Sri Nagaraj K. H., Ca Respondent By : Sri Subramaniam, Jcit Dr Date Of Hearing : 30.06.2025 Date Of Pronouncement : 26.09.2025

For Appellant: Sri Nagaraj K. H., CAFor Respondent: Sri Subramaniam, JCIT DR
Section 143(3)Section 194ISection 244ASection 250Section 269SSection 271DSection 274

…ITA No.757/Bang/2025 Maheshwarappa Muniramu, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “B’’BENCH: BANGALORE BEFORE SHRI PRASHANT MAHARISHI, VICE PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment Year : 2017-18 Maheshwarappa Muniramu #4261/17, 2nd Cross, 20th Main Subramanya Nagar JCIT Vs. Bengaluru 560 021 Range 2(2) Bangalore PAN NO :AEMPM8290C APPELLANT RESPONDENT Appellant by : Sri Nagaraj K. H., CA Respondent by : Sri Subramaniam, JCIT DR Date of Hearing : 30.06.2025 Date of Pronouncement : 26.09.2025 O R D E R PER KESHAV DUBEY, JUDICIAL MEMBER: This appeal at the instance of the assessee is…

Kanhiaya Lal Sain, Jaipur vs. JCIT Range-7 Jaipur, Jaipur

In the result, the Appeals of the appellant stands allowed with no orders as to costs

ITA 1022/JPR/2024[2010-11]Status: DisposedITAT Jaipur25 Sept 2024AY 2010-11

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Shrawan Kumar Gupta, AdvFor Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 271Section 271DSection 271E

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, ‘’SMC” JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ds le{k BEFORE: Hon’ble SHRI SANDEEP GOSAIN, JUDICIAL MEMBER vk;dj vihy la-@ITA No. 1022 &1023/JP/2024 fu/kZkj.k o"kZ@Assessment Year : 2010-11 Shri Kanhiya Lal Sain cuke The JCIT Vs. 7, Purana Ramgarh Mode Range-7 Anand Colony,Jaipur Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: BCYPS 6300 N vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by : Shri Shrawan Kumar Gupta, Adv. jktLo dh vksj ls@Revenue by: Mrs. Monisha Choudhary, Addl. CIT-DR lquokb…

ACIT, Central Circle-2(4), Hyderabad vs. Bapu Reddy Jala, Nizamabad

In the result, appeal filed by the Revenue is dismissed

ITA 606/HYD/2022[2019-20]Status: DisposedITAT Hyderabad15 Jun 2023AY 2019-20

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2019-20 Acit, Central Circle 2(4) Vs. Shri Bapu Reddy Jala Hyderabad Nizamabad Pan:Aabci9355A (Appellant) (Respondent) Assessee By: Shri P. Murali Mohan Rao, Ca Revenue By: Shri Kumar Aditya, Dr Date Of Hearing: 12/06/2023 Date Of Pronouncement: 15/06/2023 Order Per Laliet Kumar, J.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 26.08.2022 Of The Learned Cit (A)-12, Hyderabad Relating To A.Y. 2019-20. 2. The Revenue Has Raised The Following Grounds Of Appeal: "1. The Ld. Cit(Appeals) Erred Both In Law & On Facts Of The Case In Granting Relief To The Assessee. 2. The Ld. Cit(A) Erred In Law By Allowing The Assessee'S Appeal The Assessment Order Passed U/S. 153A Of The It Act, 1961 Dated 29.09.2021 Stating That The Sum Of Rs.75,00,000/- Not To Be Treated As Unexplained Income Of The Assessee. 3. The Ld. Cita) Erred In Law By Allowing The Assessee'S Appeal The Assessment Order Passed U/S. 271D Of The It Act, 1961 Dated 01.06.2021

For Appellant: Shri P. Murali Mohan Rao, CAFor Respondent: Shri Kumar Aditya, DR
Section 153ASection 269Section 269SSection 271DSection 69A

…ITA No.606 of 2022 Bapu Reddy Jala आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ B ‘ Bench, Hyderabad Before Shri R.K. Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member Assessment Year: 2019-20 ACIT, Central Circle 2(4) Vs. Shri Bapu Reddy Jala Hyderabad Nizamabad PAN:AABCI9355A (Appellant) (Respondent) Assessee by: Shri P. Murali Mohan Rao, CA Revenue by: Shri Kumar Aditya, DR Date of hearing: 12/06/2023 Date of pronouncement: 15/06/2023 ORDER Per Laliet Kumar, J.M This appeal filed by the assessee is directed against the order dated 26.08.2022 of the learned…

M/S H. K. Infraventure Pvt. Ltd, Varansi vs. Joint. Commissioner of Income Tax, Central Circle, Varansi

ITA 46/ALLD/2019[2012-13]Status: DisposedITAT Allahabad12 Dec 2022AY 2012-13

Bench: Shrivijay Pal Rao & Shri Ramit Kochar

For Appellant: Shri Praveen Godbole, C.AFor Respondent: Shri Ramendra Kumar Viswakarma,CITD.R
Section 143(2)Section 143(3)Section 269SSection 271D

…IN THE INCOME TAX APPELLATE TRIBUNAL, ALLAHABAD BENCH, ALLAHABAD BEFORE SHRIVIJAY PAL RAO, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ITA No.46/Alld./2019 Assessment Year: 2012-13 M/s. H.K. InfraventurePvt. Ltd. Joint Commissioner of Income 17, Industrial Colony, Naini, v. Tax, Central Circle, Allahabad-211008, U.P. Varanasi, U.P. PAN:AACCH6249K (Appellant) (Respondent) Appellant by: Shri Praveen Godbole, C.A. Respondent by: Shri Ramendra Kumar Viswakarma,CITD.R. Date of hearing: 15.09.2022 Date of pronouncement: 13.12.2022 O R D E R PER SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER: This appeal, filed…

Shri Vishal Mohanlal Tilva, Baroda vs. The Addl.CIT, Central Range, Baroda

In the result, all the appeals of the assessees are allowed

ITA 1027/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2014-15

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarsr.

For Respondent: Smt. Leena Lal, Sr.DR
Section 132Section 139Section 143(3)Section 153ASection 269SSection 271DSection 68

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘C’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD ] ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Sr. ITA No. & Appellant Respondent No. Asst.Year 1-2. 1024 and Shri Mohanlal Savjibhai Tilva ACIT, 1025/Ahd/2019 PAN : AAYPT 4595 M Cent.Range AY 2012-13 & Baroda. 2014-15 3-4. 1026 and Shri Vishal Mohanbhai Tilva ACIT, 1027/Ahd/2019 PAN : ADNPT 9777 F Cent.Range AY 2013-14 & Barod…

Shri Vishal Mohanlal Tilva, Baroda vs. The Addl.CIT, Central Range, Baroda

In the result, all the appeals of the assessees are allowed

ITA 1026/AHD/2019[2013-14]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2013-14

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarsr.

For Respondent: Smt. Leena Lal, Sr.DR
Section 132Section 139Section 143(3)Section 153ASection 269SSection 271DSection 68

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘C’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD ] ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Sr. ITA No. & Appellant Respondent No. Asst.Year 1-2. 1024 and Shri Mohanlal Savjibhai Tilva ACIT, 1025/Ahd/2019 PAN : AAYPT 4595 M Cent.Range AY 2012-13 & Baroda. 2014-15 3-4. 1026 and Shri Vishal Mohanbhai Tilva ACIT, 1027/Ahd/2019 PAN : ADNPT 9777 F Cent.Range AY 2013-14 & Barod…

Shri Mohanlal Savjibhai Tilva, Baroda vs. The Addl.CIT, Central Range, Baroda

In the result, all the appeals of the assessees are allowed

ITA 1025/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2014-15

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarsr.

For Respondent: Smt. Leena Lal, Sr.DR
Section 132Section 139Section 143(3)Section 153ASection 269SSection 271DSection 68

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘C’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD ] ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Sr. ITA No. & Appellant Respondent No. Asst.Year 1-2. 1024 and Shri Mohanlal Savjibhai Tilva ACIT, 1025/Ahd/2019 PAN : AAYPT 4595 M Cent.Range AY 2012-13 & Baroda. 2014-15 3-4. 1026 and Shri Vishal Mohanbhai Tilva ACIT, 1027/Ahd/2019 PAN : ADNPT 9777 F Cent.Range AY 2013-14 & Barod…

Shri Mohanlal Savjibhai Tilva, Baroda vs. The Addl.CIT, Central Range, Baroda

In the result, all the appeals of the assessees are allowed

ITA 1024/AHD/2019[2012-13]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2012-13

Bench: Smt.Annapurna Gupta & T.R. Senthil Kumarsr.

For Respondent: Smt. Leena Lal, Sr.DR
Section 132Section 139Section 143(3)Section 153ASection 269SSection 271DSection 68

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ ‘C’ अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD ] ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND T.R. SENTHIL KUMAR, JUDICIAL MEMBER Sr. ITA No. & Appellant Respondent No. Asst.Year 1-2. 1024 and Shri Mohanlal Savjibhai Tilva ACIT, 1025/Ahd/2019 PAN : AAYPT 4595 M Cent.Range AY 2012-13 & Baroda. 2014-15 3-4. 1026 and Shri Vishal Mohanbhai Tilva ACIT, 1027/Ahd/2019 PAN : ADNPT 9777 F Cent.Range AY 2013-14 & Barod…

M/S. Shree Sai Enterprises, Bhubaneswar vs. Addl. CIT, Range-4, Bhubaneswar

In the result, appeal of the assessee is allowed

ITA 290/CTK/2018[2014-15]Status: DisposedITAT Cuttack23 Aug 2019AY 2014-15

Bench: Shri Chandra Mohan Gargassessment Year: 2014-2015

For Appellant: Shri N.R.BiswalFor Respondent: Shri Subhendu Dutta, DR
Section 156Section 269SSection 271D

…sactions have not pointed out any discrepancy then no allegation cannot be held as sustainable. Ld A.R. has also placed reliance on various decisions including decision of Hon’ble Gujrat High Court in the case of CIT vs. Panchsheel Owners Association(2017) 395 ITR 380 (Guj) and submitted that when the Assessing Officer has not doubted the transaction and found to be genuine, then penalty u/s.269SS r.w.s. 271D of the Act is not maintainable. 10. Ld A,.R. of the assessee submitted that the impugned amount of Rs.5,44,499/- was received by the assessee firm from its partners for business purposes and amount of R…

M/S M.D.Educational Society, Gurgaon vs. Addl.CIT (Exemption), Panchkula

In the result, the appeal of the assessee is allowed

ITA 5000/DEL/2016[2010-11]Status: DisposedITAT Delhi30 Jan 2019AY 2010-11

Bench: Shri G.D. Agarwal & Shri Amit Shukla

For Appellant: Shri T.R. Talwar, CAFor Respondent: Shri Rinku Singh, Sr.D.R
Section 10Section 143(3)Section 269TSection 271ESection 275(1)(c)

…thly installments is not prohibited by law. In support, he relied upon the following judgments. 1. CIT vs. Muthoot Fiancers, (2015) 371 ITR 408 (Delhi0 2. CIT vs. T Perumal (Indl.) (2015) 370 ITR 313 (Mad.) 3. CIT vs. Panchsheel Overseas Association (2017) 395 ITR 380 (Guj.) 5 I.T.A. No.5000/DEL/2016 7. On the other hand, learned Department Representative submitted that, penalty u/s.271D and 271E has no relevance to assessment proceedings as both are independent and in support her contention, she strongly relied upon the judgment of Hon'ble Rajasthan High Court in the case of CIT vs. Hisaria Brothers which h…

CIT v. Panchsheel Owners Associations (395 ITR 380) — Cited in 12 Judgments | BharatTax