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2022 (7) TMI 326 - AT - Income TaxPenalty imposed u/s 271D & 271E - default u/s 269SS & 269T - Assessing Officer had levied the Penalty on the grounds that the loans had been repaid and received by modes other than by account payee or any other mode provided in section 269SS & 269T - CIT(A) deleted the penalty holding that general entries leading to assignment of debt does not attract penalty under section 271D and 271 - HELD THAT:- In the case, we find that assessee is neither before us by way of appeal or cross-objection or even under Rule 27 of the ITAT Rules to support existence of reasonable cause. The Department has challenged the finding of the Ld. CIT(A) wherein it is held that receipt/payment of loan by way of general entry is not in contravention of 269SS or 269T provisions. Therefore, we are restricted to decide the ground of the Department only. The finding of the Ld. CIT(A) is contrary to the decision of the Hon’ble Jurisdictional High Court TRIUMPH INTERNATIONAL FINANCE (I) LTD. [2012 (6) TMI 358 - BOMBAY HIGH COURT] and therefore liable to set aside. Decided in favour of revenue.
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