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2016 (12) TMI 619 - HC - Income TaxPenalty under Section 271D - violation of the provisions of Section 269SS - Held that:- CIT (Appeals) dealt with the cash balances in the assessee's account and came to the conclusion that the cash taken by him was from agriculturists and had been utilized for the purpose of the assessee's business. It is further found that all the persons who had kept their amounts were agriculturists; that such persons had the means to deposit the amounts; that the deposits were treated as genuine and that the assessment of the amounts were accepted and explained. The CIT (Appeals) and the Tribunal also accepted the reasons for the appellant's accepting the same. They found that there were no malafides in doing so. Thus, even without going into the issue on merits, we see no reason to interfere with the exercise of discretion not to levy penalty.The exercise of discretion cannot be said to be perverse or arbitrary. - Decided against revenue
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