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2011 (2) TMI 1188 - HC - Income TaxCash loans - Penalty u/s 271D - Violation of section 269SS - Held that:- As assessee used several persons, probably close relatives and friends, to take loan from Banks for his business purposes - When factual position of source of fund is accepted by the Department, necessarily, the conclusion of the Tribunal has to be upheld because there is no tax evasion involved or black money introduced in business in cash - Decided in favor of the assessee.
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