CIT Vs. RASHMIN K. PATEL

JUDGEMENT

(1.) CHALLENGING the judgment of the Income -Tax Appellate Tribunal (hereinafter referred to as the Tribunal) dated June 08, 2012 by preferring present Tax Appeal under section 260 -A of the Income -Tax Act, 1961 (hereinafter referred to the Act), the Revenue has proposed the following substantial question of law:

(2.) WE have heard learned counsel Mr. K.M. Parikh for the Revenue. The brief facts are as under:

(3.) IT is urged by the learned counsel that the assessee in return was taking cash loans from Shree Ambika Finance and when it had not established any pressing need for so doing it in violation of provisions of section 269 -SS of the Act, the penalty proceedings need to be invoked.