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2014 (5) TMI 271 - AT - Income TaxDeletion of Penalty u/s 271D of the Act – Cash loans noticed during assessment – Violation of section 269SS of the Act - Held that:- Relying upon CIT us. Noida Toll Bridge Co. ltd. [ 2003 (1) TMI 46 - DELHI High Court] the amounts standing as liability in the appellant's balance sheet are nothing but "advances" for purchase of fixed assets, which does not attract penalty u/s.271D as it is not a “loan” or “deposit” within the meaning of Sec.68 r.w.s.269SS - the amount is nothing but the advances for the purpose of fixed assets, which does not attract penalty u/s 271D of the Act as it is not a "loan" or "deposits" within the meaning of S.269SS of the Act - the advances received by the assessee for purchase of assets cannot be held as loan or deposit as prescribed in Section 269SS - AO has recorded the statement of lenders who had confirmed on oath before the AO and also filed the affidavits that they had advanced money to the appellant against purchase of assets – Decided against Revenue.
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