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2019 (4) TMI 503 - ITAT CHENNAIPenalty levied u/s.271(D) - violation of provisions of Sec.269SS - deposits were received from Sri Muthukumaran Medical College & Research Institute (SMMCH & RI) otherwise than by way of crossed-cheque or demand draft - CIT(A) had come to conclusion that is only journal entry and therefore, the provisions of Sec.269SS are not attracted - HELD THAT:- There is nothing on the record to show that the copies of the journal entry were furnished before the Assessing Officer and also the Ld.CIT(A) had not examined the basis on which these journal entry was passed. Further, the Ld.CIT(A) had not examined the crucial aspect whether these two organizations viz., Sri Muthukumaran Medical College & Research Institute (SMMCH & RI) & Arulmigu Meenakshi Amman College of Engineering (AMACE) are part of the respondent-assessee are a different entities and also failed to examine whether deposits are originally accepted in cash in the case of Arulmigu Meenakshi Amman College of Engineering (AMACE). In our considered opinion, these facts would be crucial to decide whether journal entry were passed as a cover up exercise in order to avoid the penal consequences of accepting deposits in cash. Therefore, we remand the matter to the file of Assessing Officer for fresh adjudication in accordance with law after affording due opportunity of being heard to the respondent-assessee - Appeal filed by the Revenue is partly allowed for statistical purpose
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