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2019 (2) TMI 1074 - ITAT KOLKATAPenalty levied u/s 271D & 271E - Cash transactions exceeding permissible limit - HELD THAT:- None of the assessee’s cash transactions in both receiving as well as repaying loan exceeds ₹20,000/- statutory limit prescribed u/s.269SS and u/s 269T of the Act. The assessee had obtained its cash loan from relatives of its partners. Hon'ble Rajasthan high court’s decision in CIT vs. Raj Kumar Sharma [2007 (4) TMI 218 - RAJASTHAN HIGH COURT] holds that the impugned penalt(ies) are not sustainable in case the transactions in question do not exceed the specified limit of ₹20,000/-. The assessee therein had taken aggregate loan(s) of ₹90,000/- in the relevant previous forming subject-matter of adjudication. We therefore conclude in the instant case as well that both the lower authorities have erred in imposing sec. 271D and whilst 271E penalty in issue. The same are directed to be deleted. - Decided in favour of assessee.
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