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| The Tax Publishers2020 TaxPub(DT) 4241 (SC) : (2020) 274 TAXMAN 0214 INCOME TAX ACT, 1961
Section 261 Section 269SS Section 271D
Where the department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT v. Sahara India Financial Corpn. 2020 TaxPub(DT) 4240 (Del-HC), whereby the High Court following CIT v. Sahara India Financial Corpn. Ltd. (2012) 26 Taxmann.com 269 : 211 Taxman 192 (Mag), which pertained to assessment years 1990-91, 1999-2000, 2000-2001 and 2001-2002, dismissed the instant appeal, which pertained to assessment year 2009-10. It was held in above case that depositors came predominantly from rural areas where there were either no proper banking facilities or such facilities were inadequate and violation of section 269SS was not material. The Supreme Court granted special leave to department to appeal thereagainst and directed the Registry to tag the matter with CA No. 1312 of 2015
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Appeal (Supreme Court) - Special leave petition - Penalty under section 271D - Violation of section 269SS--Assessee accepted cash deposits from depositors in rural areas
Department preferred SLP to appeal against the judgment of Delhi High Court in Pr. CIT v. Sahara India Financial Corpn. 2020 TaxPub(DT) 4240 (Del-HC), whereby the High Court following CIT v. Sahara India Financial Corpn. Ltd. (2012) 26 Taxmann.com 269 : 211 Taxman 192 (Mag), which pertained to assessment years 1990-91, 1999-2000, 2000-2001 and 2001-2002, dismissed the instant appeal, which pertained to assessment year 2009-10. It was held in above case that depositors came predominantly from rural areas where there were either no proper banking facilities or such facilities were inadequate and violation of section 269SS was not material. Held: The Supreme Court granted special leave to department to appeal thereagainst and directed the Registry to tag the matter with CA No. 1312 of 2015.
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