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IN THE HIGH COURT OF JUDICATURE AT MADRAS
Honourable Mr Justice C. SARAVANAN
Tvl.Chandro Process – Appellant
Versus
Deputy Commissioner of Income Tax, Office of the Deputy Commissioner of Income Tax, Circle – II – Respondent
| Table of Content |
|---|
| 1. imposition of penalty under section 271d for the violation of section 269ss. (Para 1 , 2) |
| 2. the limitation period for imposing penalties is outlined in section 275(1)(c). (Para 8 , 9 , 10) |
| 3. penalties need clear examination of facts, particularly in light of legal precedents. (Para 36) |
ORDER :
C.Saravanan, J.
In this writ petition, petitioner has challenged the Penalty Order dated 19.08.2021 passed by the 2nd respondent under Section 271D of the INCOME TAX ACT , 1961 (hereinafter referred to as “IT Act”).
2. By the impugned order, the 2nd respondent has imposed a sum of Rs.34,00,000/- (Rupees Thirty Four Lakhs Only) as penalty under Section 271D of the IT Act, for the violation of Section 269SS of the IT Act. Operative portion of the impugned Penalty Order reads as under:-
"7. The submission given by the assessee are given due consideration but found to be not acceptable. It was clearly mentioned in the assessment order that the assessee have taken loans amounting to Rs. 34,00,000/- in cash and the assessing officer has clearly recorded his findings that the loans were received in cash after making detailed enquiry. The contention of the assessee to keep the proceed
The imposition of penalty under the Income Tax Act for cash loan violations is valid when conducted within extended limitation periods, particularly during COVID-19 constraints, allowing subsequent a....
Penalty u/s 271D barred by limitation from AO's reference date; cash sale proceeds of agricultural land not attract s.269SS due to reasonable cause u/s 273B and legislative intent against black money....
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