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2016 (10) TMI 636 - HC - Income TaxPenalty u/s.271D - violation of Section 269SS - adjustments through journal entries - Held that:- The assessee filed copies of account of three companies as appearing in the books to demonstrate that the amounts, which were transferred to these three companies were transferred by way of account payee cheques and, therefore, the Tribunal came to the conclusion that it could not be said that the assessee had accepted loan or deposit in contravention of the provisions of Section 269SS as no cash had been accepted by the assessee. Since there was no payment in cash either by the assessee or on its behalf it could not be said that there was any violation of Section 269SS of the Act. Therefore, the penalty has rightly been deleted by the Tribunal. See Commissioner of Income-Tax Versus Noida Toll Bridge Co. Ltd.[2003 (1) TMI 46 - DELHI High Court] - Decided in favour of assessee.
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