2018 (5) TMI 1313

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....ate ORDER Per Shri M.Balaganesh, AM 1. This appeal of the revenue arises out of the order for the Asst Year 2009-10 of the Learned Commissioner of Income Tax (Appeals)-6, Kolkata [in short the Ld. ITA] in Appeal No. 208/CIT(A)-6/Kol/15-16 dated 02.11.2016 against the order passed by the J.C.I.T- Range-24, Hooghly [ in short the ld AO] under section 271D of the Act dated 30.10.2015 for the....

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....and accordingly penalty u/s 271D of the Act being 100% of the loan amount would be exigible in the instant case. The ld. AO accordingly levied penalty u/s 271D of the Act. 4. The ld. CIT(A) observed that introduction of capital contributed by a partner in the partnership firm does not fall under the ambit of loan or deposit within the meaning of section 269SS of the Act. Moreover, he observed t....