2018 (10) TMI 1928

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....C.SHARMA (A.M): These are the appeals filed by the Revenue against the order of CIT(A)-49, Mumbai dated 31/10/2016 for A.Y.2007-08 & 2009-10 in the matter of imposition of penalty u/s.271D & 271E of the Income Tax Act, 1961. 2. At the outset, learned AR placed on record the order of the Tribunal dated 31/05/2018 in group concern of the assessee, wherein the Tribunal after considering the dec....

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....urisdictional High Court in the case of CIT v. Triumph International Finance (I) Ltd. (345 ITR 270) rendered on 12.06.2012. It is not disputed that in this judgment it was held that there was violation of the provisions of S. 269T of the Act in a case where the loan was repaid by way of a journal entry entailing levy of penalty u/s. 271E of the Act. However, at the same time it was also held that ....

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....risdictional High Court in the case of CIT v. Triumph International Finance (I) Ltd. (345 ITR 270). 8. The aforesaid order of the Hon'ble Tribunal was approved by the Hon'ble jurisdictions! High Court in their judgment and order dated 06.02.2018 in the case of CIT v. Ajinath Hi-Tech Builders Pvt Ltd. and others, copies of which have also been placed on record. In this case, it was als....

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....y imposed u/s.271D by relying on the decision of Jurisdictional High Court in group case of the assessee. 10. In the result, appeal of the Revenue is dismissed." 3. We had carefully gone through the orders of the authorities below as well as order passed by the Tribunal in the case of group concerns, wherein under similar facts and circumstances penalty imposed u/s.271D and 271E was he....