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2007 (1) TMI 165 - HC - Income TaxDeposits from partners - violation of Sections 269SS and 269T - penalty u/s 271D & 271E respectively for receiving the deposit in cash and payment in cash – assessee plea is that firm is accepting cash from partners in belief that firm is not different from them - assessee has acted bona fide and his plea that inter se transactions between the partners and the firm are not governed by the provisions of Section 269 SS and 269T was reasonable explanation – penalty not justified
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