Court :
ITAT Ahmedabad
Brief :
This appeal has been filed by the Assessee is directed against the order of the Commissioner of Income Tax (�hereinafter called CIT(A)�) order no.
Citation :
ITA. No: 2173/Ahd/2018
IN THE INCOME TAX APPELLATE TRIBUNAL
AHMEDABAD “B” BENCH
(BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT
MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER)
[Through Virtual Court]
ITA. No: 2173/Ahd/2018
(Assessment Year: 2013-14)
M/s. Apple Weighinfra
Limited Address: 1-1, New
Madhupura Market,
Shahibaug, Ahmedabad-
380004
PAN No. AAGCA8862K
Appleant
vs
JCIT Central Range-1,
Ahmedabad
(Respondent)
Appellant by : Shri D. K. Parikh, A.R.
Respondent by : Dr. Shyam Prasad, Sr. D.R.
ORDER
Date of hearing : 19-07-2021
Date of Pronouncement : 24-08-2021
The Brief facts of the case are that assessee had taken amount of Rs. 17,40,000/- from Shri Mitesh R. Shah through cash and for which the Ld. A.O. levied the penalty of Rs. 17,40,000/- u/s 271D of the Act, as the loan acceptance was made otherwise by an account payee cheque.
2. Assessee company had accepted the amount of Rs. 17,40,000/- in cash from director Shri Mitesh R. Shah as the assessee company was required the fund for the purpose of the business of company. During the course of the assessment proceedings, it is submitted by Shri Mitesh R. Shah that he has provided the funds out of his savings and borrowings from farmers and in support of the same copies of 7/12 abstract of the farmers was submitted before the Ld. A.O.
3. Thus, respectfully following the aforesaid judgment of Hon’ble High Courts, we allow the appeal of the assessee.
4. In the result, appeal filed by the Assessee is allowed.
Order pronounced in Open Court on 24 - 08- 2021
Please find attached the enclosed file for the full judgement
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