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2015 (2) TMI 10 - AT - Income TaxPenalty u/s 271D - addition on account of unexplained unsecured loans - Held that:- Admittedly the assessee had discharged its liability towards bank by entering into one time settlement and, therefore, the bona fide of the assessee in accepting cash loans from directors/ shareholders and employees could not be doubted. The entire exercise was revenue neutral and not to evade any tax. We, therefore, set aside the order of ld. CIT(A) and cancel the penalty levied by the AO u/s 271D of the I.T. Act. - Decided in favour of assessee.
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