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2007 (12) TMI 186 - HC - Income TaxDeposits in cash exceeding the prescribed limit - explanation offered with reference to the deposits received by the assessee has been accepted by the Commissioner of Income-tax (Appeals), and also by the Tribunal - There is no material available on record for us to suspect or reject the transaction as not bona fide - Tribunal is justified in deleting the penalty imposed under section 271D by holding that the assessee did not contravene the provisions of section 269SS
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