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2017 (2) TMI 1436 - AT - Income TaxPenalty u/s. 271E - assessee has repaid loan/deposit in cash in contravention of the provisions of section 269T - HELD THAT:- As assessee has relied on the decision of OMEC Engineers [2007 (9) TMI 27 - HIGH COURT , JHARKHAND] wherein, it has been held that there being no finding of the Assessing Officer, the CIT(A) or the Tribunal that the transaction made by the assessee in breach of provisions of section 269SS was not a genuine transaction, penalty u/s.271D is not leviable merely for technical mistake. Similarly, in the present case also, we find that there is no finding of the Assessing Officer or the CIT(A) that the transactions in violation of section 269SS of the Act were not genuine. The assessee’s return has been accepted u/s.143(3) of the Act after scrutiny. There is no finding that the transactions were malafide aimed at disclosing concealed money. Therefore, we delete the levy of penalty u/s.271E - Decided in favour of assessee
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