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2015 (11) TMI 1192 - AT - Income TaxPenalty imposed u/s 271D - violation of the provisions of section 269SS - CIT(A) deleted penalty - Held that:- The account of the associate concern M/s Mahagun Developers Ltd. was credited by the assessee by passing a journal entry and it did not involve acceptance of any loan or deposit or money. Therefore, the provisions of Section 269SS of the Act were not applicable and the penalty levied by the AO u/s 271D of the Act was rightly deleted by the ld. CIT(A). - Decided in favour of assessee.
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