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2014 (7) TMI 808 - AT - Income TaxPenalty u/s 271D – cash transaction with OSFC a unit of assessee - Cash deposits received more than ₹ 10,000 – Violation of provisions of section 269SS - Held that:- OSFC is not different from the assessee firm and the AO assessed the income/loss and considered the transactions of OSFC in the assessment of the assessee firm - transactions also cannot be considered as loan or advance and the provisions of Sec.269SS are not applicable - it is not a fit case to levy penalty u/s 271D of the Act – there was no reason to interfere with the orders of the CIT(A) as it is basically on appreciation of facts as available in the books of accounts – Decided against Revenue.
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