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2015 (7) TMI 201 - ITAT HYDERABADPenalty u/s 271D - violating the provisions of section 269SS - Held that:- The confirmation letter from the creditor has been produced. The assessee brought out the need for taking loan in cash by giving reason that financial loss would be incurred if the deal had not been concluded immediately and also the flat chosen by him could not be available later. The ld Counsel for the assessee explained as to what constituted reasonable cause and hence prayed for the penalty to be deleted. However, we also notice that there has been a long gap from the time of taking the cash loan i.e. 10.05.2009 and the Registration of the Sale Deed which was only on 5th day of February, 2010.We are of the opinion that the issue needs further verification by the AO as to whether the amount has been received by M/s. Progressive Hotels Ltd (Land owner) or M/s. Choice Infrastructure Projects (P) Ltd and call for the production of receipt from the vendors. The AO shall examine the entire issue after giving reasonable opportunity to the assessee and decide the issue in accordance with law. - Decided in favour of assessee for statistical purposes.
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