Maruti Nandan Finance Cap. (P) Ltd. v. ACIT

114 TTJ 142Income Tax Appellate Tribunal#16509 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2018 to 2022.

Judgments citing Maruti Nandan Finance Cap. (P) Ltd. v. ACIT

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

…r dues were settled - Whether since loan/deposits was taken in excess of Rs. 20,000 to meet urgent and immediate requirements of business, no penalty could be imposed - Held, yes [Para 5] [In favour of assessee] iv) Maruti Nandan Finance Cap. (P) Ltd. v. ACIT 114 TTJ 142 (Ahd) Section 27ID of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment year 2002-03 - Where assessee's explanation for receiving Rs.5 lakhs in cash was that funds were urgently required for honouring cheques issued by one of its directors, there being a reasonable cause for accepting cash, penalty was no…

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

…r dues were settled - Whether since loan/deposits was taken in excess of Rs. 20,000 to meet urgent and immediate requirements of business, no penalty could be imposed - Held, yes [Para 5] [In favour of assessee] iv) Maruti Nandan Finance Cap. (P) Ltd. v. ACIT 114 TTJ 142 (Ahd) Section 27ID of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment year 2002-03 - Where assessee's explanation for receiving Rs.5 lakhs in cash was that funds were urgently required for honouring cheques issued by one of its directors, there being a reasonable cause for accepting cash, penalty was no…

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

…r dues were settled - Whether since loan/deposits was taken in excess of Rs. 20,000 to meet urgent and immediate requirements of business, no penalty could be imposed - Held, yes [Para 5] [In favour of assessee] iv) Maruti Nandan Finance Cap. (P) Ltd. v. ACIT 114 TTJ 142 (Ahd) Section 27ID of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment year 2002-03 - Where assessee's explanation for receiving Rs.5 lakhs in cash was that funds were urgently required for honouring cheques issued by one of its directors, there being a reasonable cause for accepting cash, penalty was no…

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

…r dues were settled - Whether since loan/deposits was taken in excess of Rs. 20,000 to meet urgent and immediate requirements of business, no penalty could be imposed - Held, yes [Para 5] [In favour of assessee] iv) Maruti Nandan Finance Cap. (P) Ltd. v. ACIT 114 TTJ 142 (Ahd) Section 27ID of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment year 2002-03 - Where assessee's explanation for receiving Rs.5 lakhs in cash was that funds were urgently required for honouring cheques issued by one of its directors, there being a reasonable cause for accepting cash, penalty was no…

Monarch Dyestuff Industries & Exports Ltd., Ahmedabad vs. The Jt.CIT, Range-2(1), Ahmedabad

In the result, the appeals of the Assessee are allowed

ITA 397/AHD/2016[2009-10]Status: DisposedITAT Ahmedabad22 May 2018AY 2009-10

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri V.K. Singh, Sr.DR
Section 269SSection 269TSection 271DSection 271ESection 274

…and 398/Ahd/2016 14 observed that if transaction is genuine the penalty under section 271D would not be imposed. 18. Next decision referred by the ld.counsel for the assessee is ITAT, Ahmedabad Bench in the case of Maruti Nandan Finance Cap. P.Ltd. Vs. ACIT, 114 TTJ 142 (Ahd). In this case cheque of Rs.10 lakhs was issued. However, since there was a shortage of fund in the account, sum of Rs.5 lakhs was taken in cash from the directors, which was deposited in the account. Reason for such act was that cheques should not bounce. According to the assessee, had it not deposited money then its cheque could be bounced…