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TMI Blog2018 (5) TMI 1313X X X X Extracts X X X X X X X X Extracts X X X X ..... SS - Held that:- We find that the capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Act and accordingly we do not find any infirmity in the order of the ld. CIT(A) cancelling the penalty levied thereon - Decided in favour of assessee. - I.T.A No. 162 /Kol/2017 - - - Dated:- 15-5-2018 - Shri A.T.Varkey, JM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is a partnership firm engaged in the business of trading in marbles and granites. During the year under appeal, the assessee had received an amount of ₹ 12,00,000/- on various dates from its partner Shri Avijit Saha towards capital contribution made by the said partner in the assessee firm. The ld. AO made an observation that this receipt of capital contribution from the partner by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 12,00,000/- from the partner as capital introduced by the said partner. Accordingly he deleted the penalty levied u/s 271D of the Act. 5. We have heard the rival submissions. We find that the capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Act and accordingly we do not find any infirmity in the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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