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2018 (7) TMI 2243 - AT - Income TaxPenalty imposed u/s 271E and 271D - Accepting and repayment of loan / deposits through journal entries - genuineness of the transactions were not established by the assessee - Undisclosed receipt on account of sale of car parking in the housing projects, cash loans/deposits, etc - assessee violated the provisions of section 269SS - stand of the assessee is that the journal entries passed for transaction assigning debts and liabilities among sister concern and reimbursement of expenses do not constitute acceptance of loan or deposit of money as per the provisions of section 269S - HELD THAT:- As decided in VIMAL ENTERPRISES VERSUS JOINT, CIT, RANGE 31 (3) MUMBAI [2017 (8) TMI 447 - ITAT MUMBAI] in view of provision of section 273B and penalty under section 271D for contravention of section 269SS cannot be held to be justified and the Ld. Assessing Officer was directed to delete the penalty. Also see AJITNATH HI-TECH BUILDERS PVT. LTD [2018 (2) TMI 603 - BOMBAY HIGH COURT] - Decided against revenue.
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