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2019 (1) TMI 285 - AT - Income TaxPenalty u/s 271D - assessee had received loan / deposit from 08 persons - violating the provisions of section 269SS - non recording of satisfaction - Held that:- Assessing officer had not recorded any satisfaction regarding the penalty proceedings u/s 271D of the Act in the assessment order passed u/s 143(3) of the Act. Therefore, keeping in view the ratio laid down in case of ‘CIT v Jai Laxmi Rice Mills’ [2015 (11) TMI 1453 - SUPREME COURT] delete the impugned penalty levied by the AO and sustained by the CIT(A). - Decided in favour of assessee.
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