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2015 (7) TMI 1090 - AT - Income TaxLevy of penalty u/s. 271D - Held that:- The assessee admitted the fact that the assessee had received a sum of ₹ 20,000/- from each of eleven creditors totaling to ₹ 2,20,000/- in cash. The reasonable cause for receipt of this cash loan was that the assessee received cash loan from relatives, who are neither income tax assessee nor having any bank account. Hence, he has no other alternative except to receive loans in cash for an amount of ₹ 20,000/- from each of them. CBDT Circular No.572 dated 03.08.1990 has clearly brought out the provision of section 269SS explaining that “for taking or accepting any loan or deposit in excess of ₹ 20,000/- Considering above, we find that the facts are exactly identical what was before the Hon’ble Bombay High Court in MADHUKAR B. PAWAR (2008 (6) TMI 321 - BOMBAY HIGH COURT ) and in each of case cash loan is not exceeding ₹ 20,000/- rather it is exactly ₹ 20,000/- - Decided in favour of assessee
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