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2019 (2) TMI 361 - AT - Income TaxPenalty levied u/s. 271D r.w.s. 273B - reasonable cause for the assessee to accept loan over ₹ 20,000/- in cash - Held that:- We agree with the finding of the ld. CIT(A) that there was no reasonable cause for the assessee to accept loan over ₹ 20,000/- in cash in clear contravention of section 269SS. Except for stating that there was business exigency and the loan taken was for business purpose, no cogent evidence has been produced. CIT(A) has given a finding that there was no business transaction between the lender and the assessee. Hence, receiving the cash advance purportedly for business purpose is not proved. Accordingly, we do not find any infirmity in the order of the ld. CIT(A), hence, we uphold the same. - Decided against assessee.
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