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2008 (2) TMI 114 - HC - Income TaxBalance due adjusted by book entries for purchase of assets – AO treated the outstanding amounts as acceptance of deposit in violation of provisions of Sec. 269SS - assessee proves that there was reasonable cause for such failure – penalty is not automatic u/s 271D on mere violation of provisions of sec. 269SS – deposited in cash more than specified limit – penalty not imposable if reasonable explanation for such deposits have been given as per sec. 273B by assessee – revenue appeal dismissed
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