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2004 (3) TMI 32 - HC - Income TaxTribunal cancelling penalty levied by the Assessing Officer u/s 271D - The sole question for determination before the Tribunal was as to whether the amount of Rs. 6,49,344 advanced by M/s. Daljit Singh and Bros, to the assessee was an advance for purchase of truck or was a loan or deposit - Assessing Officer had levied the penalty by considering this amount as a loan or deposit - It seems that the authorities below have not correctly appreciated the true nature of the transaction between the assessee and M/s. Daljit Singh and Bros, as well as M/s. Tata Finance Ltd. In our view, the amount received by the assessee was in the form of advance and not a loan as alleged by the Department. Therefore, the provisions of sections 269SS are not applicable to the facts of the present case. In that view of the matter, no penalty under section 271D is leviable to the facts of the instant case.
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