M/S Apcon Homes Pvt. Ltd. v. Addl.CIT, Central Range-2, Ranchi

Parties Involved

Facts Summary

The assessee, M/S Apcon Homes Pvt. Ltd., had refunded/repaid a loan in cash amounting to ₹1,25,400/- in excess of the limit prescribed under section 269T of the Income Tax Act. The Assessing Officer (AO) imposed a penalty equivalent to the excess amount. The assessee appealed against the appellate order upholding the penalty order. The assessee argued that the penalty proceedings were not initiated by the AO, the Additional Commissioner of Income Tax (Addl.CIT) had no jurisdiction, and the penalty order was beyond the period of limitation. The assessee also contended that certain payments made on the same date should be considered as repayment of a loan.…

Legal Issues

• 1. Whether penalty proceedings u/s 271E were initiated by the Assessing Officer?
• 2. Whether the Addl.CIT had jurisdiction to initiate the penalty proceedings?
• 3. Whether the penalty order was passed within the period of limitation?
• 4. Whether certain payments made on the same date should be considered as repayment of a loan?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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