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2018 (8) TMI 1635 - AT - Income TaxLevy of penalty u/s.271E - return of advance from customers - bonafide belief - Held that:- In view the provisions of section 273B of the Act, we find that the belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E cannot be sustained. Hence, we delete the same an allow the appeal of the assessee.
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