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2019 (5) TMI 942 - AT - Income TaxRectification u/s 254 - revision OR rectification - Penalty u/s 271D imposed on the ground that “a major chunk of the fixed deposits are received in cash, in violation of provisions of Section 269SS” - CIT (A) & ITAT confirmed the levy of penalty - HELD THAT:- The assessee seeks to review the order of the Tribunal for which the Tribunal has no power. On an earlier occasion, the Tribunal while passing the order, had considered the entire facts of the case and decided the issue against the assessee. AR wants to re-argue the case. In our humble opinion, there is no provision under section 254(2) of the Act so as to allow the assessee to re-argue the case. In our opinion, the decision of the Tribunal has not to be scrutinized sentence by sentence merely to find out whether all facts have been set out in detail by the Tribunal or whether some incidental fact which appears on the record has not been noticed by the Tribunal in its judgment. In our opinion, the Tribunal has considered all the relevant materials and has not taken into account any irrelevant material in basing its conclusion. It is not necessary for the Tribunal to state in its judgment specifically or in express words that it has taken into account the cumulative effect of the circumstances or has considered the totality of the facts, as if that were a magic formula; if the judgment of the Tribunal shows that it has, infact, done so, there is no reason to interfere with the decision of the Tribunal. Further, in the case of Citizen Co-operative Society Limited vs. Addl. CIT [2010 (2) TMI 708 - ITAT HYDERABAD] it was a Co-operative Bank which received money from the Members/Directors in the course of banking activities which cannot be considered as ‘loan’ or deposits so as to attract the provisions of section 269SS or 269T of the Act. Miscellaneous Petition filed by the assessee is dismissed.
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