1 18-ITXA.42-11 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.42 OF 2011 The Commissioner of Income Tax -II, Pune ..Appellant. Versus M/s. JMD Developers. ..Respondent. .... Mr. Vimal Gupta, for the Appellant. .... CORAM : J. P. DEVADHAR & A.R. JOSHI, JJ. DATED : 23 rd NOVEMBER, 2011. P.C. 1. Whether the ITAT was justified in deleting the penalty levied under Section 271D of the Income Tax Act, 1961, is the question raised in this Appeal. 2. The Tribunal in para-5 of its order has recorded a finding of fact that the explanation given by the assessee that the borrowings were made on the last day of the accounting year from the sister concerns under the same management on account of immediate business requirement is a reasonable cause and, therefore, the penalty levied under Section 271D of the Act was not justified. 2 18-ITXA.42-11 3. In our opinion, the decision of the ITAT is one of the possible views that could be taken. Hence, we do not see any reason to entertain the present Appeal. 4. We, however, make it clear that we have not expressed any opinion on the finding recorded by the ITAT that Section 269SS or 269T of the Income Tax Act, 1961 are not applicable where the transactions are between the assessee and its sister concerns. 5. Appeal is accordingly disposed of. (A. R. JOSHI, J.) (J. P. DEVADHAR,J.)