Shri Sant Gajanan Maharaj Urban Co–operative Credit Society Vs ITO (ITAT Nagpur)
Income Tax Appellate Tribunal (ITAT), Nagpur bench, has dismissed an appeal filed by Shri Sant Gajanan Maharaj Urban Co-operative Credit Society. The appeal challenged a penalty of Rs. 63,52,742 levied under Section 271D of the Income Tax Act, 1961, for the assessment year 2018-19.
The assessee had filed an appeal before the ITAT against the penalty order issued by the Assessment Unit on September 12, 2024. The grounds of appeal raised by the society included contentions that the penalty order was legally unsound, that the Assessing Officer erred in imposing the penalty, and that the provisions of Section 269SS (related to acceptance of loans or deposits in cash) were misinterpreted regarding cash receipts from members. The society also argued that it was prevented by sufficient cause under Section 273B of the Act and that the penalty order was framed without a de novo notice.
However, during the proceedings, the authorized representative for the assessee submitted a letter dated January 20, 2025, requesting permission to withdraw the appeal. The letter stated that the appeal had been “inadvertently filed” before the ITAT. It clarified that the society, aggrieved by the penalty order passed by the Joint Commissioner of Income Tax (JCIT), had already duly filed an appeal before the Commissioner of Income-tax (Appeals) [CIT(A)] on October 9, 2024.
