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2019 (3) TMI 1582 - ITAT MUMBAIPenalty u/s 271D - violation of the provisions of section 269SS - assessee's plea that cash loan was taken on different occasions in small amounts due to business exigencies - HELD THAT:- Assessee has taken cash loan in small amounts on different occasions to meet the urgent business needs. The amount has been taken from the company in which assessee is a director and shareholder. In these circumstances section 273B comes to the rescue of the assessee. The said section provides that the impugned penalty need not be levied if there was reasonable cause for the transgression by the assessee. Reasonable cause given by the assessee for taking the said cash loan duly mandate that levy of penalty u/s 271D is not warranted. In this regard, we also place reliance upon the decision of Hon’ble Supreme Court in the case of Hindustan Steel vs. State of Orissa [1969 (8) TMI 31 - SUPREME COURT] that penalty for technical and venial breach may not be levied. Accordingly we delete the levy of penalty in this case. - Decided in favour of assessee.
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