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Case Law Details

Case Name : Devinder Gupta & Sons (HUF) Vs CIT (ITAT Delhi)
Related Assessment Year : 2013-14
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Devinder Gupta & Sons (HUF) Vs CIT (ITAT Delhi)

It is an admitted position that the assessee had taken loan from the lender in the earlier years, a part of which has been repaid during the year albeit in cash. The amount of loan has been consequently reduced. A confirmation whereof from the lender has been filed. The assessment was carried out under Section 143(3) and no question on bona fides of the transaction was raised but however the penalty was imposed mechanically.

Having regard to the series of ju

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