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2018 (4) TMI 1278 - AT - Income TaxLevy of penalty u/s. 271D and 271E - violation of the provisions of Section 269SS and 269T - Held that:- Assessee has taken the amount from brother and father in cash. There is also no dispute that the repayment has also been made in cash Shri Bhupendrabhai Patel was also an employee of the assessee and his salary was also credited in the same account where the impugned acceptance/repayment of cash was found and is akin to current account. The amount of Shri Bhadresh Patel is also akin to current account. Considering the nature of business of the assessee and its business exigencies, the immediate requirement of cash cannot be ruled out. Further, the relationship of the persons with the assessee also establishes the genuineness of the transaction. Considering the facts in totality, we do not find this to be a fit case for the levy of penalty u/s. 271D & 271E of the Act. - Decided in favour of assessee
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