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2018 (8) TMI 122 - AT - Income TaxPenalty u/s 271D or 271E - assessee has accepted loan/deposit from sister concern through journal entries i.e., otherwise then account payee cheque /draft thereby violated provisions of section 269SS and/ or 269T - AO held that the assessee has not made out any reasonable cause as prescribed 273B - Held that:- Considering the decision of Hon’ble Jurisdictional High Court in assessee group case in Ajinath Hi Tech Builder Pvt Ltd [2018 (2) TMI 603 - BOMBAY HIGH COURT], Triumph International Finance(I) Ltd [2012 (6) TMI 358 - BOMBAY HIGH COURT] and in Assessee’s group case in DCIT vs. Aashthavinayak Estate Company Ltd. (2018 (5) TMI 1745 - ITAT MUMBAI) that there was reasonable cause for the assessee to receive deposits of loan or repayment of loans through journal entries. Therefore, in our view the assessee case is squarely falls under a reasonable cause within the meaning of section 273B.
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