(Appeals under Section 260A of the Income Tax Act, 1961 against the common order of the Income Tax Appellate Tribunal, Madras 'D' Bench dated 5.6.2003 in ITA Nos.999, 1000, 1001 and 1002/Mds/2000 for the assessment years 1996-97, 1997-98, 1998-99 and 1999-2000.)

P.D. Dinakaran, J.

The appeals are directed against the order dated 5.6.2003 made in ITA Nos.999, 1000, 1001 and 1002/Mds/2000 for the assessment years 1996-97, 1997-98, 1998-99 and 1999-2000.

2. The brief facts of the case are stated as under:

The assessee is a partnership firm engaged in the business of chit and finance. During the survey, it was found that the assessee had accepted the cash deposits of more than Rs.20,000/- in contravention of Section 269SS of the Act. Hence, after giving an opportunity pursuant to the show cause notice, the Joint Commissioner imposed a penalty by exercising the power under Section 271D of the Act, equal to the amount of deposits in excess of Rs.20,000/- received in cash during the period relevant to the assessment years 1996-97 to 1999-00. Hence, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), who allowed the appeal, which was subsequently confi