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2016 (5) TMI 416 - ITAT MUMBAIPenalty u/s 271E - Held that:- We found that amount of ₹ 41 lacs is not a loan or deposit but appropriated out of booking advance of ₹ 1.49 crores. There is no liability to return the amount in question. In this case, refund is of part of booking amount, not included in loans & deposits as per Sec. 269T. Thus, penalty u/s. 271E is not leviable. - Decided in favour of assessee.
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