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2019 (1) TMI 144 - AT - Income TaxPenalty u/s 271D - receipt of cash loans exceeding ₹ 20,000/- in contravention of section 269SS from the company by the director - assessee was not able to prove that the cash withdrawals made by her as director from the company were utilized for the purpose of business of the company - Held that:- CIT(A) observed that, the said amount has also been re-deposited as evidenced by the bank statements. There is no transfer of money from Company's account to the Appellant's account - Therefore CIT(A) deleted the addition . As we noticed that the CIT(A) has deleted the quantum by virtue of order relevant to the A.Y. 2006-07, therefore, the penalty has been order to be deleted. - Decided in favour of assessee.
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