Penalty u/s 271E - breach of provisions of Sec. 269T - Cash payment to creditors - Mere nomenclature in...

Penalty u/s 271E - breach of provisions of Sec. 269T - Cash payment to creditors - Mere nomenclature in a particular manner in a balance sheet will not be conclusive for determination of nature of transaction. The stand of the assessee towards purchase of tobacco is consistent and emanating from the orders of the lower authorities. Are inclined to appreciate the stand of the assessee in affirmative on merits. - AT .....

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