TMI Blog2018 (10) TMI 1928X X X X Extracts X X X X X X X X Extracts X X X X ..... there was a reasonable cause for squaring all the accounts through general entries. As the facts and circumstances in the appeals before us are parimateria with the facts and circumstances discussed by the Tribunal respectfully following the order of the Tribunal in the case of group concern, we do not find any infirmity in the order of CIT(A) for deleting the penalty imposed u/s.271D and 271E - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e orders of the authorities below. We have deliberated on the judicial pronouncements referred by lower authorities in their respective orders as well as cited by learned AR and DR during the course of hearing before us in the context of factual matrix of the case. We had also carefully gone through the orders of the Tribunal in the group cases of the assessee which was upheld by the Hon ble Juris ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the reasons due to which repayment was made by journal entry has to be considered judiciously. 7. In the order reported as Lodha Builders (P) Ltd. v. ACIT [2014] 163 TTJ 778 (Mum), a bunch of appeals belonging to Lodha group (to which the present assessee belongs) involving identical issue, was disposed of by the co-ordinate Bench in which levy of similar penalties was held to be not sust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot fall foul of S. 269SS of the Act. Since the judgment in CIT v. Triumph International Finance (I) Ltd. (345 ITR 270) was rendered on 12.06.2012, it was held, that the assessee could have had a bonafide belief prior to that date that there was no violation of S. 269SS of the Act in accepting loan by journal entry. 9. While deciding the issue, the CIT(A) has also followed the decision of Juri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring all the accounts through general entries. As the facts and circumstances in the appeals before us are parimateria with the facts and circumstances discussed by the Tribunal in its order dated 31/05/2018, respectfully following the order of the Tribunal in the case of group concern, we do not find any infirmity in the order of CIT(A) for deleting the penalty imposed u/s.271D and 271E of the Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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