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2016 (12) TMI 1788 - AT - Income TaxLevy of penalty u/s.271D - violation of section 269SS - HELD THAT:- Addition of ₹ 5 lakh was made u/s.68 of the Act for taking loan by the assessee in cash thereby violating the section 269SS of the Act was deleted in appeal by the CIT(A) which was confirmed by the Tribunal in the appeal filed by the revenue thereagainst. Thus, the transaction in violation of section 269SS was found to be genuine. Therefore, the decision of Hon’ble Jurisdictional High Court in the case of OMEC Engineers [2007 (9) TMI 27 - HIGH COURT , JHARKHAND] clearly applies to the facts of the case. Respectfully following the same, I delete the levy of penalty and allow ground of appeal of the assessee.
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