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2011 (8) TMI 523 - HC - Income TaxApplicbility of 269SS on temporary advances given by sister concerns - Held that:- Where assessee took the money from the sister concern to make urgent payment and there was no intention to avoid taxes - Both the firms are regularly assessed to income-tax - When it is the case of providing temporary accommodation to one sister concern to another sister concern it does not amount to transaction of loan or deposit and therefore, it is outside the purview of section 269SS of the Act. Levy of penalty is not justified
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