SMT SAVITA S GONGADSHETT ,BAGALKOT vs. THE JOINT COMMISSIONER OF INCOME TAX VIJAYAPUR RANGE , VIJAYAPUR
In the result, the appeal filed by the assessee is allowed
ITA 116/BANG/2019[2014-15]Status: DisposedITAT Bangalore20 Jan 2020AY 2014-15
Bench: Shri B.R.Baskaran & Shri Pavan Kumar Gadaleita No.116(Bang)/2019 (Assessment Year : 2014-15) Smt.Savita S Gangadshetti, Gorbal Naka, At Ilkal, Tal. Hungund, Bagalkot Dist. Pan No.Aclpg6870B Appellant Vs The Joint Commissioner Of Income Tax, Vijayapur Range, Vijayapur. Respondent Appellant By : Shri B.S.Balachandran, Advocate Revenue By : Shri M. Vijaykumar, Addl.Cit
For Appellant: Shri B.S.Balachandran, AdvocateFor Respondent: Shri M. Vijaykumar, Addl.CIT
Section 269SSection 269TSection 271DSection 271E
269T shall attract penalty provisions of sec. 271D & 271E of the Act. Accordingly, he levied penalty of Rs.12.50 lakhs each both u/s 271D & u/s 271E of the IT Act, 1961. 3. The ld.CIT(A) agreed with the view of Ld JCIT that these are loan transactions only. The Ld CIT(A) deleted the penalty levied u/s 271D
