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2018 (6) TMI 1031 - AT - Income TaxImposition of penalty u/s 271D & 271E - Violation of provisions u/s 269-SS and 269-T on account of cash transactions - Held that:- Bonafide and/or genuineness of the transactions have not been question by the lower authorities while imposing penalty u/s 271D & 271E - Identity of the parties has also been well established by the assessee which was accepted by the authorities below - cash book reflects the cash flow in regard to the said amount of ₹ 1,00,000/- it was borrowed from the father of the assessee and repaid subsequently - thus there was no finding that the assessee intended to evade tax - reliance is made in case of ANANT HIMATSINGKA VERSUS ADDL. COMMISSIONER OF INCOME-TAX, KOLKATA [2011 (11) TMI 796 - ITAT KOLKATA] - hence we find that when the genuineness of the transaction has not been doubted by the lower authorities as also the importance of urgency of raising cash loan, the penalty u/s 271D & 271E ought not to have been levied - Penalty levied u/s.271D & 271E deleted - Decided in favor of assessee.
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