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2006 (9) TMI 621 - HC - Income TaxExtract: .......ne and bonafide transaction and if for any reason the tax payer could not get a loan or deposit by account-payee cheque or demand draft for some bonafide reasons, the authority vested with the power to impose penalty has got discretionary power.” In view of the above, the question is answered against the revenue and in favour of the assessee.
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