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2012 (5) TMI 139 - AT - Income TaxPenalty imposed u/s. 271D as the assessee receiving loans in cash in contravention of the provisions of section 269SS – Held that:- 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 Rs. 20,000" - As cash loan is not exceeding Rs. 20,000 rather it is exactly Rs. 20,000 no contravention of Sec 269SS arises – Secs 271D inserted in the IT Act w.e.f. 1st April, 1989, by the Direct Tax Laws (Amendment) Act, as penalty under s. 271D may be levied for failure to comply with the provisions of s. 269SS i.e. for taking or accepting any loan or deposit in excess of Rs. 20,000 otherwise than by an account payee cheque or bank draft – in favour of assessee.
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