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2020 (5) TMI 457 - AT - Income TaxPenalty u/s 271D - violation of provisions of section 269SS - notice barred by limitation u/s 275 - HELD THAT:- We find that there is no dispute that the assessee has supplied electrical goods to M/s Shri Om Sai Stones Industries vide sale bill no. 237 dated 24.05.2012 for a sum of ₹ 4,58,430/-. It is also not in dispute that the cash amount of ₹ 1 lac received earlier from M/s Shri Om Sai Stones Industries during the last quarter of the impugned financial year has been adjusted against the said sales and only the balance amount of ₹ 3,58,430/- has been received by the assessee. The nature of amount so received is the cash advance against supply of goods and not loan/deposit or specified sum in relation to transfer of an immoveable property and the same cannot therefore be subject to the rigour of the provisions of section 269SS of the Act. The consequent penalty u/s 271D so levied is hereby directed to be deleted and the matter is decided in favour of the assessee.
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