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TMI Blog2007 (1) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... ered by RAJESH BALIA, J. - Learned counsel for the revenue submits that the record of the assessee prior to 1991 is not available and hence, they are unable to produce the same before the Court. 2. Heard learned counsel for the parties. 3. These two appeals arise out of two separate orders passed by the Assessing Officer levying penalty under Section 271-B and 271-E in respect of certain transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not juristic person, these transactions cannot be considered as intra person but were only for the purpose of carrying on partner's own business. The fact that under the Income Tax Act, the firm and partners of the firm are recognised as independent units, the same cannot be treated for all purposes to be separate and independent. The assessee had contended that in that view of the matter, they h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls are before us raising the common issue in both appeals. 8. The firm was constituted with a particular object of constructing cinema and is now no more in existence. Section 273B has mitigated the penalty to be levied under Section 271 D and 271 E by providing that where assessee is able to establish that there was reasonable cause for failure to comply with Sections 269 SS and 269 T, no penalt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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