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2019 (1) TMI 413 - HC - Income TaxLevy of penalty u/s 271D - loan in cash was taken from near relatives and the same was accounted in the appellant's and relatives' books of accounts - Held that:- In the case on hand, the assessee had shown a cause for having received the amount in cash. Therefore, if the assessee had shown a cause, the burden shifts on the AO to establish that the cause shown is not a reasonable cause by examining the cause shown and establish that it lacks bonafides. In the instant case, there is no such finding recorded by the Authorities below or for that matter by the Tribunal. Admittedly, the transaction in the instant case is between the assessee and her maternal uncle and aunt and there is nothing on record to show that the transaction lacks bona fides or the assessee came forward with a false case. The case on hand does not warrant levy of penalty under Section 271D - Appeal filed by the assessee is allowed
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