Manoj Kumar Jain vs. DCIT, Central Circle -1(2)
Parties Involved
Facts Summary
The assessee, Manoj Kumar Jain, is the chairman of the general infrastructure projects group. A search and seizure action was conducted on the assessee on 25.04.2012, during which the assessee disclosed income of ₹45.00 crores for different group entities in different assessment years. For M/s Jain Space Infraventure Ltd, an amount of ₹4,60,00,000/- was disclosed as additional income for the FY 2012-13 relevant to the AY 2013-14. The assessee filed a disclosure petition on 16.08.2012, explaining that an amount of ₹66,44,311/- was utilized to purchase jewellery by Shri Manoj Kumar Jain, which was kept in his residence and locker for safe custody. The Assessing Officer treated this amount as a cash loan taken by the assessee from the company in violation of Section 269SS of the Act and levied a penalty of ₹66,44,311/- under Section 271D of the Act.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. Whether the penalty imposed by the Assessing Officer for alleged violation of Section 269SS of the Act is justified?
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.