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2006 (1) TMI 97 - HC - Income Tax
Penalty levied under section 271D - "Whether Tribunal was right in law in deleting the penalty levied under section 271D, even though the Supreme Court held that section 269SS is constitutionally valid in law?" - The deposit and the withdrawal of the money from the current account could not be considered as a loan or advance. - we are of the view that since transaction does not fall within the meaning of loan or advance, there is no violation of section 269SS of the Income-tax Act. We find no error in the order of the Tribunal and the same requires no interference. Hence, no substantial question of law arises for consideration of this court