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2016 (3) TMI 1298 - AT - Income TaxInitiation of penalty u/s 271E & 271D - busniss urgency in repayment of loans in cash - Mode of undertaking transactions - Held that:- Assessee has no reasonable cause for accepting loans in cash and repaid the same in cash - cash transactions have not been recorded in the regular books of accounts of the assessee - thus assessee was unable to specify under what circumstances he has borrowed loans in cash and repaid in cash exceeding 20,000/- - thus penalty u/s 271E & 271D is correctly imposed - Decided against the assessee.
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