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TMI Blog2012 (10) TMI 441X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee had transaction with its own sister concerns having the commercial transaction and during that course, they used to pay the amount through cheque or cash. It cannot be said that the transactions could not have been business transactions and during the course of the transactions, some payments have been made in cash. Otherwise also, it may only be a technical mistake retaining certain loans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om sister concern as Temporary accommodation to meet immediate requirements of the business and is levy of penalty u/s271D justified? (ii) Whether the statement made by the Hon'ble Finance Minister is a statement to be considered to interpret the provisions of law and the intention behind the enactment of law? 3. Learned senior counsel for the petitioner submitted that learned C.I.T. (A) has c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 269SS and set aside the penalty imposed by the A.O. under Sections 271E and 271D of the Income Tax Act, 1961 for the Assessment Year 1991-92. 4. The learned Income Tax Appellate Tribunal, Patna Bench, Patna reversed that finding vide its order dated 05.12.1997 by holding that though the transaction was between the sister concerns, even then it was a financial transaction between two concerns whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transactions only, specific provision has been made in the Act as provided under Section 269SS, which have no exception and it includes all transactions between the parties when they deal in cash instead of transaction through cheque. 7. We have considered the submissions of the learned counsel for the parties and perused the facts of the case. We are of the considered opinion that the facts are ..... X X X X Extracts X X X X X X X X Extracts X X X X
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