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2013 (3) TMI 265 - HC - Income TaxPenalty u/s 271D - advance has been accounted as loan and interest debited - assessee was a partner in four firms and Proprietor in Reliance Realtors - ITAT deleted the levy of penalty - Held that:- Referring to Commissioner of Income Tax v. R.M.Chdambaram Pillai [1976 (11) TMI 2 - SUPREME Court], Assistant Director of Inspection (Investigation) v. Kum.A.B.Shanti (2002 (5) TMI 4 - SUPREME COURT), Commissioner of Income Tax v. Lokhpat Film Exchange (Cinema) [2007 (1) TMI 165 - RAJASTHAN HIGH COURT] there is no separate identity for the partnership firm and that the partner is entitled to use the funds of the firm and that the assessee acted bonafide and that there was a reasonable cause within the meaning of Section 273B of the Act. No error or legal infirmity in the order of the Tribunal warranting interference. The substantial question of law raised in this appeal is answered in favour of the assessee.
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