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2019 (5) TMI 1214 - AT - Income TaxLevy of penalty u/s 271D - availing loan in cash from father - HELD THAT:- We find from the facts narrated above that assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D of the Act. Hence, the assessee would be out of the rigours of the levy of penalty u/s 271D of the Act. The assessee had placed reliance on the decision in the case of CIT vs. Smt. M. Yasoda [2013 (2) TMI 211 - MADRAS HIGH COURT] wherein the loan received by that assessee from her father-in-law was subjected to levy of penalty under section 271D of the Act and the Hon’ble High Court ordered cancellation of penalty thereon. In view of the aforesaid facts and respectfully following the judicial precedent relied upon hereinabove, we direct the ld. A.O to cancel the penalty u/s 271D of the Act in the facts and circumstances of the case. Accordingly, the grounds raised by the assessee are allowed.
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