Case Law Details
Kalpana Sunil Vaid Vs. JCIT (ITAT Ahmedabad)
In the matter of Kalpana Sunil Vaid Vs. Joint Commissioner of Income Tax (JCIT), the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench delivered a crucial judgment that sheds light on the application and implications of Section 269SS of the Income Tax Act, 1961. The case revolves around the appeal filed against the order passed by the National Faceless Appeal Centre (NFAC), Delhi, concerning the assessment year 2015-16. This article provides a comprehensive analysis of the case, including the grounds of appeal, arguments, and the final decision by ITAT.
Background of the Case
Dr. Kalpana Sunil Vaid, a practicing gynecologist and partner in M/s. Kalpana Hospital, filed an appeal against the levy of a penalty of Rs. 8,71,471/- under Section 271D for allegedly violating Section 269SS of the Income Tax Act. The core of the appeal was whether the excess withdrawal of capital by the assessee from the partnership firm, purportedly for the purchase of personal immovable property, constituted a violation of Section 269SS.
Grounds of Appeal
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