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2018 (7) TMI 2090 - AT - Income TaxPenalty u/s 271D or 271E - assessee has accepted loan/deposit from sister concern through journal entries i.e., otherwise then account payee cheque /draft - violation of provisions of section 269SS and/ or 269T - HELD THAT:- Considering the decision of Hon’ble Jurisdictional High Court in assessee group case in Ajinath Hi Tech Builder Pvt Ltd [2018 (2) TMI 603 - BOMBAY HIGH COURT] , Triumph International Finance(I) Ltd [2012 (6) TMI 358 - BOMBAY HIGH COURT and in Assessee’s group case in DCIT vs. Aashthavinayak Estate Company Ltd. [2018 (5) TMI 1745 - ITAT MUMBAI] that there was reasonable cause for the assessee to receive deposits of loan or repayment of loans through journal entries. Therefore, in our view the assessees case is squarely falls under a reasonable cause within the meaning of section 273B. - Decided in favour of assessee
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