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2016 (1) TMI 633 - AT - Income TaxPenalty orders passed under section 271D and 271E - in genuine transactions - Held that:- It is not the case of the Revenue that assessee has introduced unaccounted money in the books of account as the very purpose of bringing in the provisions of section 269SS and 269T of the Act to curb the practice of introducing block money into books of account. The assessee has no intention to evade tax and did not make any attempt to make any liability. The transactions are between the HUF and individual. The individuals have accepted loans from HUF for purchase of property in their individual names and have reasonable cause for accepting such loans. - Thus as transactions were genuine and identity of the lender was established, there was no intention on the part of the assessee to evade tax, the cancellation of penalty was justified - Decided in favour of assessee
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