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ITAT adjudicated a dispute involving inter-company transactions and potential tax violations. The tribunal examined transactions between an assessee company and its sister concern, noting a common partner's involvement. Despite initial penalty proceedings under Sections 271E and 271D related to Sections 269SS and 269T, the tribunal determined that the cash withdrawal from partners' capital accounts did not constitute a statutory violation. Consequently, the tribunal dismissed the revenue's appeal, finding no substantive breach of the prescribed financial regulations and upholding the assessee's position regarding the nature of the current account transactions.
ITAT adjudicated a dispute involving inter-company transactions and potential tax violations. The tribunal examined transactions between an assessee company and its sister concern, noting a common partner's involvement. Despite initial penalty proceedings under Sections 271E and 271D related to Sections 269SS and 269T, the tribunal determined that the cash withdrawal from partners' capital accounts did not constitute a statutory violation. Consequently, the tribunal dismissed the revenue's appeal, finding no substantive breach of the prescribed financial regulations and upholding the assessee's position regarding the nature of the current account transactions.
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