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2019 (8) TMI 503 - AT - Income TaxLevy of penalty u/s 271D - violation of provision of section 269SS - receipt of cash loan - HELD THAT:- During the course of hearing assessee fairly conceded that the assessee has not challenged the addition of this amount. Therefore, the factum of obtaining loan is proved. Considering all the assessee could not controvert the finding of the authorities below in respect of the evidences gathered during the search which proves receipt of loan in cash, therefore, we do not see any reason to interfere in the finding of the authorities below. The grounds raised in this appeal are dismissed. Levy of penalty u/s 271E - violation of provision of section 269T - repayment of loan was made in cash - HELD THAT:- There is nothing on record suggesting that the loan amount was repaid in cash by the assessee. The revenue has considered the terms of loan as if the same has been repaid in cash. There is no receipt by the person who has given loan to the assessee accepting or acknowledging the repayment of the loan in cash by the assessee. Even in the statement recorded by the revenue authorities, nothing of this sort is stated by Shri L.N. Gupta, father of Shri Anil Gupta. Therefore, under the facts of the present case and in the absence of the proof that assessee had made repayment of loan in cash, in our considered view, imposition of penalty u/s 271E would not be justified. A.O. ought to have brought some material suggesting that the assessee has made repayment of loan in cash, therefore, we hereby direct the A.O. to delete the penalty.
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