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2014 (3) TMI 218 - HC - Income TaxContravention of section 269SS of the Act – Penalty u/s 271DD of the Act – Proper explanation not made - Held that:- There was no material to substantiate the questions raised by the appellant - The main allegation raised by the assessing officer for imposing penalty was that the assessee-firm had received cash in excess of Rs. 20,000/- in violation of Section 269SS – The authorities below as well as the Tribunal, on verification of the materials on record, came to a finding that the audit report and balance sheet of the assessee had shown the outstanding amount as loan received from 12 persons – thus, the contention that the amounts received by the assessee was from promoters/partners of the firm was not accepted. None of the authorities have found that the reasons stated are genuine and can be accepted to avoid payment of penalty - it is found by the authorities that the contribution made by the respective persons was treated as a loan and the explanation that they were to be made partners later was not accepted – thus, the factual issues can be re-opened - The findings of facts by the authorities are neither perverse nor illegal in any form – thus, no question of law arises for consideration – Decided against Assessee.
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