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2010 (11) TMI 702 - HC - Income TaxPenalty u/s 271D - Revenue has submitted that the Tribunal has erred in law in dismissing the appeal without interpreting the provisions of section 269SS of the Act and while reducing the penalty u/s 271D of the Act from Rs. 13,15,540 to Rs. 67,540, no finding was recorded as to whether or not the receipt of the amount of the company from its directors/promoters was in accordance with the requirement of section 271D of the Act - It is an admitted fact that the money was deposited by the directors in the bank account of the assessee, therefore, the transaction was genuine - The Tribunal was of the opinion that the default, if any, was unintentional and therefore, it constitutes reasonable cause within the meaning of section 273B of the Income-tax Act - Provisions would show that section 269SS shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by any banking company, post office savings bank or co-operative bank - In this case, the transactions in question were through bank and were deposited by some of the directors/promoters of the assessee-company - Decided in favor of assessee.
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