| Case ID |
26574d23-69d3-4680-be95-a5b656a0aa7b |
| Body |
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| Case Number |
I.T.A. No. 93/Jab/97 |
| Decision Date |
Nov 25, 1999 |
| Hearing Date |
|
| Decision |
The Tribunal upheld the order of the Commissioner (Appeals), finding that part of the loan amount was received through banking channels and thus did not violate section 269SS of the Income-tax Act. The appeal by the Revenue was dismissed as it was determined that the default, if any, was unintentional, qualifying for reasonable cause under section 273B. The findings affirmed that the transactions were genuine and did not constitute an illegality or impropriety as outlined in the provisions of the Act. |
| Summary |
This case involves the interpretation of provisions under the Income-tax Act, 1961, specifically concerning penalties for non-compliance with loan acceptance regulations. The case revolves around Preeti Fuels & Flames (P.) Ltd., which received loans from its directors. The Deputy Commissioner imposed penalties for alleged violations of section 269SS due to cash transactions. However, the appellate authority found that part of the amounts were received through banking channels, thus ruling out violations. The Tribunal affirmed this decision, emphasizing the genuine nature of the transactions and the unintentional nature of any defaults. Keywords for SEO include 'Income Tax Appeals', 'Penalty under Income Tax', 'Income Tax Tribunal Decisions', 'Compliance with Income Tax Act', and 'Loan Acceptance Regulations'. |
| Court |
Chhattisgarh High Court
|
| Entities Involved |
Commissioner of Income Tax,
Preeti Fuels & Flames (P.) Ltd.
|
| Judges |
I.M. Quddusi,
N.K. Agrawal
|
| Lawyers |
Rajeev Shrivastava,
M.C. Jain
|
| Petitioners |
Commissioner of Income Tax
|
| Respondents |
Preeti Fuels & Flames (P.) Ltd.
|
| Citations |
2010 SLD 3031,
(2010) 329 ITR 129
|
| Other Citations |
Not available
|
| Laws Involved |
Income-tax Act, 1961
|
| Sections |
271D,
269SS,
273B
|