Case Law Details
Shri Deepak Mata Vs JCIT (ITAT Jaipur)
Bench found that the plain reading of both the Sections denotes that Section 269SS is attracted when the amount of loan taken from individual person exceeds Rs,20,000/- and Section 269T is attracted when the repayment of loan made to individual person exceeds Rs.20,000/-. The Bench has also gone through the cash book placed on record and statement of loan taken and loan repaid in cash drawn from the cash book, it can be noted that the amount of loan taken from each person and amount of loan repaid to each person does not exceed Rs.20,000/-. However, the Revenue Authorities levied and confirmed the penalty by holding that Aggregate of loan/deposits taken/paid by the assessee is more than Rs.20,000/- by not appreciating the provisions of these Sections. In my view, after evaluating the provisions of law, aggregate of loan is to be seen person wise and not aggregate loan taken from all the persons in the whole year. Therefore, in my view and under these present facts and circumstances of the case, the penalty is not attracted in the present case and thus both the penalties confirmed by the ld. CIT(A) (supra) are directed to be deleted.
FULL TEXT OF THE ORDER OF ITAT JAIPUR
Both these appeals filed by the assessee are directed against two different orders of the ld. CIT(A) 22-07-2022 National Faceless Appeal Centre, Delhi [ hereinafter referred to as (NFAC) ] for the assessment year 2013-14 in the matter of Section 271E and 271D of the Act, 1961.
2.1 The assessee has taken solitary ground in ITA No. 308/JP/2022 and 309/JP/2022 for the assessment year 2013-14 u/s 271E and 271D of the Act as under:-
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