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2019 (1) TMI 1643 - AT - Income TaxPenalty u/s.271D & 271E - violation of Section 269SS and section 269T by accepting and repayment loan otherwise than by account payee cheque respectively - HELD THAT:- Predominantly the assessee had utilized the cash loan through the banking system, we are of the considered view that assessee is entitled to relief U/s.273B of the Act for having established reasonable cause for entering into cash transactions. We hereby set aside the Orders of the Ld.CIT(A) and direct the Ld.JCIT to delete the penalty levied U/s.271D & 271E of the Act in the case of the assessee for all the relevant assessment years since the details of cash disbursement submitted by the Ld.AR before us which is extracted herein above is not disputed before us. Further it is pertinent to mention that in the decisions relied by the Ld.DR, the assessee has not established any reasonable cause for entering into cash transactions and further the assessee had not exposed the loan obtained by cash into the banking system and therefore the ratio laid by the decisions as relied are not applicable to these relevant cases before us. - Decided in favour of assessee.
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