Law:

Section:

2007] 291 ITR 244 [2008] 169 TAXMAN 262 (RAJ.) HIGH COURT OF RAJASTHAN Commissioner of Income-tax* v. Hissaria Bros. RAJESH BALIA AND GOPAL KRISHAN VYAS, JJ. IT APPEAL NOS. 14, 15 AND 21 TO 30 OF 2002 JULY 21, 2006 Section 271D, read with section 271E, of the Income-tax Act, 1961 - Penalty - For failure to comply with section 269SS - Assessment years 1993-94 to 1995-96 - Whether where a Kachcha Arhatiya sells goods belonging to agriculturists, sale proceeds thereof, which remain with him, cannot be regarded as deposits made by agriculturists with Kachcha Arhatiya within meaning of section 269SS and subsequent remittance or adjustment of such amount by him discharging obligation of agriculturists or remittances of such amounts to agriculturists does not amount to repayment of loans or deposits within meaning of section 269T and, therefore, provisions of sections 271D and 271E cannot be invoked in such case - Held, yes Section 275, read with sections 271D and 271E, of the Income-tax Act, 1961 - Penalty - Bar of limitation for imposition - Whether since penalty proceedings for default in not having transactions through bank, as required under sections 269SS and 269T, are not related to assessment proceedings but are independent of it, completion of appellate proceedings arising out of assessment proceedings or other proceedings during which penalty proceedings under sections 271D and 271E might have been initiated has no relevance for sustaining or not sustaining penalty proceedings and, therefore, clause (a) of section 275(1) cannot be attracted to such proceedings - Held, yes - Whether there is no provision under clause (c) of section 275(1) for extended period of limitation commensurating with completion of appellate proceedings, if any, arising from proceedings during course of which such penalty proceedings are initiated, as in case where penalty proceedings are linked with assessment proceedings or with other relevant proceedings - Held, yes Circulars and Notification : CBDT's Circular No. 551, dated 23-1-1990 and Circular No. 554, dated 13-2-1990 FACTS The assessee-firm was doing the business of Kachcha Arhatiya acting as an agent for its farmer…

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