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2013 (11) TMI 1648 - AT - Income TaxPenalty u/s 271D - Held that:- In the case of Vinman Finance & Leasing Ltd (2008 (2) TMI 494 - ITAT VISAKHAPATNAM ), it has been held that the genuineness of the loan does not take way the said loan from the sweep of the provisions of sec. 269SS of the Act. Hence, we are unable to agree with the submissions made by Ld A.R in this regard. We have already noticed that the assessee has failed to show that the impugned transaction will fall in the category of transactions prescribed under the proviso to sec. 269SS of the Act. The assessee has also failed to show that there existed a reasonable cause in accepting the impugned loan amount in cash. Hence, we are unable to sustain the decision rendered by Ld CIT(A). Accordingly, we set aside his order and restore the penalty levied by the AO.
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