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2008 (2) TMI 287 - GUJARAT HIGH COURT
Deposits and loans in cash in excess of prescribed limit - AO noticed that the assessee, has accepted various loans/deposits from different parties and repaid such loans/deposits to different parties in contravention of sections 269SS & 269T – explanation of assessee that all the amounts received by the assessee was from family members and those amounts were on account of maturity of NSCs, etc., is acceptable – penalty imposed for violation of sections 269SS and 269T is not justified