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2018 (3) TMI 437 - HC - Income TaxPenalty u/s 271D / 271E - non-compliance of the provisions of Section 269-SS and 269-T - competent authority to levy the penalty - Held that:- We are of the view that first show cause notice, without initiating proceedings for imposition of penalty under Section 271-D (was issued on 22.9.2017). It is also well settled that a penalty under this provision is independent under assessment. The action inviting imposition of penalty is granting of loans above the prescribed limitation otherwise then through banking channels and as such infringement of Section 269-SS is not related to the income that may be assessed or finally adjudicated. We find no force on the contention advanced by the learned Senior counsel for the petitioner. Writ petition has no merit and is, accordingly, dismissed.
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