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2010 (1) TMI 890 - AT - Income TaxPenalty u/s 271D as well as u/s 271E of the Act for violations of section 269SS and section 269T of the Income Tax Act, 1961 - Held that:- per section 275(1)(c), order imposing penalty shall have to be passed in the financial year in which the proceedings in the course of which action for imposition of penalty has been initiated are completed, or six months from the end of the month in which the action for imposition of penalty is initiated, whichever period expires later. As the penalty has been initiated on 30th March, 2005 and whereas the penalties have been levied on 16-10-2006, penalties are barred by limitation. as the amount was received as an advance for the purchase of shares, it is neither loan nor a deposit which attracts the provisions of section 269SS or section 269T of the Act, and no penalty can be levied.
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