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2013 (7) TMI 772 - GUJARAT HIGH COURTPenalty u/s 271D and 271E - Held that:- receipt for which revenue intends to invoke the provisions of section 269SS or 269T as the case may be for imposing penalty under section 271D or 271E as the case may be were during the assessment proceedings treated as the booking advance and consequently assessed as undisclosed income of the assessee invoking section 68 of the Act. Such amounts were treated as booking advance and therefore, taxed as undisclosed income - same would thereafter not bear the character of loan or advances. - Decided against Revenue.
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