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2016 (9) TMI 117 - HC - Income TaxPenalty u/s.271 (D) - deemed income u/s 68 versus loan or deposits u/s 269SS - Held that:- If any sum is found credited in the books of account and the assessee fails to offer satisfactory explanation regarding the nature and source so offered by him or fails to tender satisfactory explanation, the said amount can be treated as deemed income of the assessee, in our view once it has been held as deemed income of the assessee or an addition u/s.68, has been made the character of the said amount/addition will not remain as a loan or deposit and section 269-SS will not be applicable. Although addition u/s.68 or provisions of sec.269-SS are independent provisions but if the alleged income is held to be deemed income of the assessee, the penalty u/s.271-D could not be invoked. - Decided in favour of assessee.
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