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2017 (2) TMI 1494 - AT - Income TaxPenalty u/s 271D - addition invoking the provisions of section 269SS on alleged acceptance of cash deposits - CIT (Appeals) who deleted the penalty levied by holding that the assessee had not accepted any loan or deposit and, therefore, provisions of section 269SS of the Act were not applicable - HELD THAT:- The ratio laid down by the Hon'ble Apex Court in the case of Jai Laxmi Rice Mills [2015 (11) TMI 1453 - SUPREME COURT] squarely applies and with the annulling of the initial assessment order passed in the case of the assessee by the I.T.A.T., the penalty initiated therein u/s 271D also did not survive. Further in the absence of any further satisfaction for levy of penalty the said order levying penalty u/s 271D could not have been passed - Decided against revenue.
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