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2011 (4) TMI 1157 - HC - Income TaxPenalty under section 271D of the Act - Assessing Officer found that 72 items of cash loans on various dates from various parties were in contravention of section 269SS of the Income-tax Act, 1961 - there were certain cash loans which were for short accommodation - assessee/appellant submitted that the amounts were taken on requirement of liquidity position and the peculiar nature of trade of the assessee-company and allowed the appeal – Held that:- assessee had not shown any reasonable cause for taking cash loan, appeal stands dismissed
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