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2007 (10) TMI 253 - HC - Income TaxAmount received as advance for supply of required quantity of silk fabrics - appellant could not arrange the required silk fabrics and, therefore, returned the deposit by making cash payment - section 269T is applicable to every kind of deposit and there is no difference between a “trade deposit” or “business deposit” or “deposit” - Tribunal is legally correct that the provision of section 269T is applicable to the trade advance also – penalty u/s 271E is justified
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