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2016 (5) TMI 335 - AT - Income TaxPenalty proceedings u/s 271D - deposits in contravention of section 269SS - Held that:- In the present case on hand, it was proved beyond doubt that the assessee has accepted cash deposits of ₹ 20,000/- and more, in contravention of section 269SS. The assessee has failed to furnish any explanation for the violations referred to in section 269SS of the Act. Therefore, we are of the opinion that the A.O. has rightly levied penalty u/s 271D of the Act, in respect of cash deposits from relatives and fresh deposits. Penalty can be levied on the amounts of loan which exceeds the amount of ₹ 20,000/-. Therefore, the A.O. is directed to exclude ₹ 20,000/- as permissible u/s 269SS of the Act, while levying penalty u/s 271D of the Act. Accordingly, we direct the A.O. to recompute the penalty, after excluding ₹ 20,000/- in each cases as permissible u/s 269SS of the Act. - Decided partly in favour of assessee
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