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2016 (8) TMI 609 - HC - Income TaxPenalty under section 271D - violation of the provisions of section 269SS or not - treating the deposit/loan of ₹ 40,00,000/- as capital contribution of the member of AOP, for the AOP - Held that:- We have perused the orders of the Commissioner (Appeals) as well as the Tribunal. In this case the transaction was found to be genuine. The Assessing Officer has not doubted the transaction. In that view of the matter, both the Commissioner (Appeals) and the Tribunal have rightly deleted the penalty. We do not find any infirmity in the orders passed by the Tribunal. We are, therefore, of the opinion, that the question referred to us is required to be answered in favour of the assessee and against the revenue. The appeal is dismissed accordingly. We answer the question in favour of the assessee and against the revenue.
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