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2012 (10) TMI 441 - HC - Income TaxPenalty u/s 271D - whether provisions of section 269SS are attracted to the amounts received from sister concern as Temporary accommodation to meet immediate requirements of the business and is levy of penalty u/s271D justified - Held that:- It is not in dispute that the assessee had transaction with its own sister concerns having the commercial transaction and during that course, they used to pay the amount through cheque or cash. It cannot be said that the transactions could not have been business transactions and during the course of the transactions, some payments have been made in cash. Otherwise also, it may only be a technical mistake retaining certain loans of one party, thus imposing penalty cannot be justified - in favour of assessee.
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