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2022 (8) TMI 625 - AT - Income TaxPenalty levied u/s 271D and 271E - assessee had accepted/paid loans in contravention of provision of section 269SS/269T - CIT(A) deleted the penalty on the ground that accepting deposits by way of journal entries was a transaction in the nature of the bonafide and not with a view to avoid tax - HELD THAT:- In the Ground No. 2 raised before the Ld. CIT(A), there was no such issue of bonafide nature of the transaction, still he decided that too against the finding of the Hon’ble Bombay High Court in the case of the Triumph International Finance (I) Ltd. [2012 (6) TMI 358 - BOMBAY HIGH COURT] wherein the Hon’ble Bombay High Court has specifically observed that irrespective whether the transaction was bonafide or non-bonafide, repayment of loan by debiting amount through journal entries was in the nature of contravention of section 269T . In view of the above, the finding arrived by the Ld. CIT(A) in para 5.3, being contrary to the decision of the Hon’ble Bombay High Court, is set aside. The Hon’ble Bombay High Court in the case of Triumph International Finance (I) Ltd. (supra) allowed the appeal of the assessee on the basis of existence of reasonable cause for such contravention however, in the present appeal no such issue has been raised before the lower authorities.Appeal of revenue allowed.
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