IN THE ITAT DELHI BENCH ‘B’
Deputy Commissioner of Income-tax, Circle 11(1)
v/s.
Forging Ltd.
IT Appeal Nos. 5689 & 5690 (Delhi) of 2010
[Assessment year 2006-07]
March, 16, 2012
ORDER
K.G. Bansal Accountant Member – These two appeals regarding leviability of penalty u/s 271D and 271E of the Income-tax Act, 1961 were argued in a consolidated manner by the ld. senior DR and the ld. counsel for the assessee. Therefore, a consolidated order is passed.
1.1 The only substantive ground taken in appeal no. 5689(Del)/2010 is to the effect that the ld. CIT(Appeals) erred in deleting the penalty of Rs. 11,84,314/- levied by the AO u/s 271D of the Act. Similarly, the only ground taken in appeal no. 5690(del)/2010 is that the ld. CIT(Appeals) erred in deleting the penalty of Rs. 77,07,502/- levied by the AO u/s 271E of the Act.
2. We proceed to dispose of appeal bearing ITA No. 5689(Del)/2010 at the first instance. The ld. senior DR referred to the penalty order passed by the AO on 30.06.2009. It is mentioned that in the course of assessment proceedings it had been observed that the assessee received deposits from D.D. Township (P) Ltd. (“DD” for short) otherwise than by way of account payee cheque or draft. The details are as under:-
