- Where purchases by way of journal records try intended for extinguishment off common liabilities ranging from assessee and brother questions of class, punishment isn’t leviable below sections 271D / 271E – Lodha Builders (P.) Ltd. v. ACIT [(2014) 34 ITR (Trib.) 157 (Mum.)] Researching fund and you will money through record entries try struck by relevant conditions off point 269SS/269T. not, doing `blank formalities’ off money and payments by the providing / getting cheque so you’re able to swap / square right up transactions, is not intention of arrangements of area 269SS / 269T whenever transactions are if you don’t bonafide or genuine. In which impugned journal records in particular books had been completed with see to boost funds from cousin questions, so you can designate receivable among sis questions, to regulate or import stability, to combine costs in order to best clerical errors, etc., and it also wasn’t case of funds one to any of impugned deals try geared towards non-commercial factors and you will outside typical business functions, even though there try admission out of arrangements off Ss. 269SS/T, penalty was not leviable.
These types of data presumably contained entities of cash receipts and cash money surpassing Rs
Whether REOPENING From Review Not as much as Point 147 Of Act You will Be manufactured To have Ticket Out-of Provisions Of Part 269SS Of your Act?
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Due to the fact talked about more than, the punishment process significantly less than point 271D/271E of your own Act are entirely independent of the research proceedings. Yet not, brand new evaluating manager
No Punishment Less than Part 271D And you may 271E Towards the Cash Invoices And you will Dollars Repayments Away from Mortgage Over RS
do not appear shortly after 4/6 age having a speculation that assessee have dealt from inside the bucks deals and this must be verified. Hon’ble Highest Judge out-of Gujarat with one particular discrete matter inside the the situation out of Strong Recycling Marketplace compared to. DCIT Special Municipal Application No. dt. where the assessing manager possess reopened the latest comparison for a few grounds, certainly one of that was greet of your own financing instead exposing the form regarding greeting regarding review report and its own fees. The new determining administrator has never registered any discovering that income chargeable so you’re able to tax keeps fled research which is the prime requirement in order to reopen new testing possesses rather referred to the newest imposition out of it is possible to penalty below area 271D. As it is stored by group of judgments of various process of law one reopening off investigations can’t be made for simple angling or rowing questions on the simple uncertainty, the matter was felt like in support of assessee. Brand new determining administrator has to have a belief one money chargeable so you can income tax provides escaped testing, whereby there should be particular concrete question which have an alive connection to they. No matter if zero certain time could have been given in the process having opening punishment proceedings not as much as area 271D/271E of your own Act, you’ll say that it’s possible to discovered show end up in find to own imposing penalty despite this new termination of 6 decades of your own related evaluation year where transaction in the violation out-of Part 269SS/269T of one’s Act is actually carried out. not, following the choice out of Gujarat Large Courtroom due to the fact significantly more than, where analysis out of acceptance/cost out of mortgage/deposit/improve is going to be made from demanding setting away from reopening out of tests significantly less than area 147 of your Act, it can’t be done with no an independent reason to trust with supporting real thing your assessee keeps contravened the arrangements regarding Part 269SS/269T of Act.
Assessee transporter is engaged in business of plying off truck and you can hadn’t maintained any normal books from membership. A survey below point 133A is actually held on in the company premises of the assessee. The new investigations are completed on the basis of data impounded. 20,000/- of certain people which happen to be accepted because cash advance deposits receipts and cash mortgage places payments. This new competent expert, i.e., Even more Administrator of cash Income tax invoked this new conditions off parts 271D and 271E to own so-called violation out-of parts 269SS and you can 269T and you may implemented penalty off Rs.21,82,000/- and you may Rs.16,70,500/- correspondingly.
