No Penalty Imposed for Section 269SS Violation: Transactions Settled via Account Payee Cheques Deemed Reasonable u/s 273B.

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....Penalty u/s 271D - contravention of provisions of 269SS - Scope of 'reasonable cause' used in Section 273B - Even though transactions of one party had been settled by the other party by way of assignment of receivables / payables or for any other reason as detailed supra, we find that all the transactions have been ultimately settled for the difference amount by account payee cheques only. - No penalty - AT....