{"id":39574,"date":"2024-02-22T13:15:15","date_gmt":"2024-02-22T07:45:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-central-v-c-swapna-2023-295-taxman-4-sc-editorial-refer-cit-v-c-swapna-aphc-ita-no-123-of-2015-dt-6-8-2015\/"},"modified":"2024-05-02T07:07:25","modified_gmt":"2024-05-02T01:37:25","slug":"cit-central-v-c-swapna-2023-295-taxman-4-sc-editorial-refer-cit-v-c-swapna-aphc-ita-no-123-of-2015-dt-6-8-2015","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-central-v-c-swapna-2023-295-taxman-4-sc-editorial-refer-cit-v-c-swapna-aphc-ita-no-123-of-2015-dt-6-8-2015\/","title":{"rendered":"CIT (Central) v. C. Swapna (2023) 295 Taxman 4\/ 335 CTR 1015 (SC) Editorial : Refer, CIT v. C.Swapna (AP)(HC), (ITA No. 123 of 2015 dt. 6-8-2015)"},"content":{"rendered":"<p>Assessing Officer levied\u00a0 penalty\u00a0 under section 271D for having received loan in cash which was utilized for purchase of land in violation of provisions of section 269SS of the Act.\u00a0 Commissioner (Appeals) held that\u00a0 no cash loan was actually received by assessee in course of transaction remanded matter to Assessing Officer.\u00a0 On appeal by revenue, both Tribunal and High Court upheld order of Commissioner (Appeals) Revenue filed a Special Leave Petition before Supreme Court on the ground that penalty is\u00a0 leviable under section 271D where transfer of money had taken place through journal entries. On the facts the Assessing Officer in set aside proceedings held that entries made by assessee were only journal entries and therefore did not call for imposition of any penalty.\u00a0 In view of subsequent turn of events, issue raised had become infructuous. (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 271D : Penalty-Takes or accepts any loan or deposit-Transfer of money through journal entries-No penalty  is leviable-Appeal of Revenue dismissed as infructuous. [S. 269SS,  Art. 136] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39574","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aii","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39574"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39574\/revisions"}],"predecessor-version":[{"id":41889,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39574\/revisions\/41889"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}