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2015 (9) TMI 1102 - AT - Income TaxPenalty u/s 271E - violating the provisions of section 269SS and Section 269T - Held that:- On a consideration of the entire factual matrix and the judicial precedent thereon in the facts of the present case, we are of the view that there was bonafide belief on the part of the assessee that the transaction with the Directors and the shareholders for meeting urgent cash requirements for running the business would not result in any violations. Considering the peculiar facts and circumstances of the case and the pleadings of the parties before the Bench and the mandate of Section 273B of the Act, we hold that the explanation offered by the assessee company being bonafide constitutes a reasonable cause and being satisfied by the same considering the judicial precedent cited, we accept the same. Accordingly, the impugned orders are set aside in both the appeals and the penalty imposed u/s 271D and 271E accordingly is quashed. - Decided in favour of assessee.
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