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2015 (10) TMI 2238 - AT - Income TaxPenalty u/s. 271D - Held that:- only those loans and deposits are covered by section 269SS where funds/money are transferred. We, therefore, are of the opinion that where the loans are recorded by merely passing adjustment entries or journal entries are outside the scope of section 269SS of the Act. Therefore, in our considered opinion, the ld. CIT(A) was not justified in confirming the penalty against the assessee on this count. - Decided in favour of assessee.
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