Case Law Details
For the assessment year 2006- 07, the Assessing Officer vide order dated 23rd March, 2009 had imposed penalty of Rs. 10,70,000/- under Section 271D of the Income Tax Act, 1961 (Act, for short). This penalty was levied on account of Rs. 21,97,500/- received in cash by the respondent- assessee from Pradeep Aggarwal and Kaveri Aggarwal. The Assessing Officer, in this connection, has referred to the assessment order in the quantum proceedings wherein the nature and character of the aforesaid deposit/ transaction has been discussed in detail and the terms loan and deposit were examined. The Assessing Officer has recorded that the authorized share capital of the respondent assessee company was Rs. 1,00,000/- only.
First and the foremost aspect, which has to be considered and examined is whether the amount received was loan or deposit. This aspect has not been considered and examined by the tribunal in spite of the specific findings recorded by the Assessing Officer and the CIT (Appeals). In these circumstances, we answer the aforesaid question of law in favour of the appellant and against the respondent- assessee. However, an order of remit is passed to the tribunal to decide the appeal afresh after recording factual findings and thereafter apply the decision of this Court in ITA No.1192/201.
HIGH COURT OF DELHI
ITA 857/2011
CIT Vs. NUMERO UNO FINANCIAL SERVICES PVT. LTD.
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