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2017 (7) TMI 68 - AT - Income TaxPenalty order passed u/s 271E - “reasonable cause” - Held that:- The assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash and there is no repeated transactions and the assessee has explained the reasonable cause for accepting such loans and repayment thereof in cash, therefore, in our opinion, the expression “reasonable cause” in section 273B for non imposition of penalty u/s.271D and 271E would have to be construed liberally. Accordingly we hold that penalty u/s.271D and 271E are not imposable in the facts of the present case. See case of M/s Deepali Mandar Joshi [2016 (9) TMI 262 - ITAT PUNE] - Decided in favour of assessee.
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