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2021 (9) TMI 129 - AT - Income TaxPenalty u/s 271D - contravention of provisions of section 269SS - receipt from director - as per assessee quantum addition u/s. 68 has become final in the hands of the appellant firm treating the amount received as appellant companies income by the Assessing Officer in his order and assessee paid taxes thereon - appellant's case that the receipt from director being not a loan or deposit, the provisions of section 269SS are not applicable - HELD THAT:- As in the matter of CIT vs. Shyam Corporation [2013 (2) TMI 908 - GUJARAT HIGH COURT] wherein it is held that if assessee received booking advance in cash which, during assessment proceedings, had been assessed as undisclosed income of assessee under section 68 of the Act-Whether such amount could be considered as deposit/loan in violation of section 269SS/269T for levy of penalty u/s. 271D/271E. The Hon'ble High Court has decided matter in favour of assessee. Apart from above said judgment, assessee also cited a judgment Young Men Christian Association [2014 (8) TMI 40 - MADRAS HIGH COURT] wherein it is held once certain amount was subjected to tax u/s 68, question of treating it as transaction in violation of section 269SS or section 269T did not arise as it stood mutually excluded - we allow the appeal of the assessee.
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