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2018 (7) TMI 2242 - AT - Income TaxPenalty u/s. 271D/272E - genuineness of the transaction made through journal entries - assessee failed to establish the compelling reasons or genuine business constraints or reasonable cause for having transactions in respect of each and every journal entry with its group concerns - HELD THAT:- As per decision of M/S. NATIONAL STANDARD INDIA LTD. [2018 (7) TMI 1828 - ITAT MUMBAI] in which the penalty levied in the similar circumstances have been ordered to be deleted on the basis of decision of the jurisdictional High Court in the case of CIT Vs. Triumph International Finance Ltd. [2012 (6) TMI 358 - BOMBAY HIGH COURT] There are number of judgments have also been relied upon by the Ld. Representative of the assessee in which it is specifically held that the journal entry would not fall under the purview of Section 269SS of the ACT. Further, it also came into noticed that the case of the assessee pertains to the A.Y. of 2008-09, therefore, the ratio of decision in case title as CIT Vs Triumph International (I) Ltd [2012 (6) TMI 358 - BOMBAY HIGH COURT] is not applicable. In the said discussion, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, these issues are decided in favour of the assessee against the revenue.
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