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2017 (8) TMI 726 - ALLAHABAD HIGH COURTPenalty under Section 271-D - violation of Section 269-SS - Held that:- Finding of the Assessing Officer that it is fact that the assessee had accepted deposits, which are otherwise than by account payee cheque /draft stands undisturbed. The ITAT has also not touched the above finding in any manner. In view of the aforesaid facts and circumstances, the finding as recorded by the Assessing Officer that the respondent-assessee received deposits otherwise than by cheque or draft stand confirmed. Once the aforesaid finding remains undisturbed, a clear breach of Section 269-SS of the Act occur inasmuch as the aforesaid receipt of deposit is after 30th June, 1984 and is not in the manner provided under the aforesaid provision. The contention that the said entries are not in the nature of the loan or deposit on the face of it are not acceptable for the reason that once any amount has been received by the respondent-assessee and the same is shown to have been received in its books of accounts, it partakes the nature of the deposit. Accordingly, the panel provision of Section 271-D gets attracted, leaving no scope for the respondent-assessee to escape from the liability of the penalty. The breach of Section 269-SS of the Act is apparent making the respondent-assessee liable for penalty under Section 271-D of the Act. - Decided against assessee.
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