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2008 (8) TMI 420 - AT - Income TaxExtract: .......as precluded to treat the same amount as a deposit or loan for the purpose of s. 269SS of the Act and subject the transaction to penalty under s. 271D of the Act. This view finds support from the judgment rendered by the Delhi High Court in Diwan Enterprises vs. CIT. We, therefore, cancel the penalty so imposed on the assessee and allow the appeal.
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