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2007 (8) TMI 328 - HC - Income TaxDeposits in cash exceeding specified limit - assessee has not demonstrated the shortage of cash in the business which led the assessees to accept the deposits in cash - assessees have not shown that there was cash deficiency to meet their day-to-day requirement in business - there is no material placed by the assessee to sustain the claim that the depositors have no bank account in Chennai, to accept the deposit in cash - penalty was rightly levied under section 271D
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