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2021 (10) TMI 402 - AT - Income TaxPenalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - HELD THAT:- As decided in own case [2021 (5) TMI 176 - ITAT HYDERABAD] the assessee company has received cash from its Managing Director for meeting its day-to-day emergency expenses. In this situation, the decision relied by the assessee will be relevant and the assessee Company shall be entitled to relief as per the provisions of section 273B - the assessee was not able to explain the genuineness of the source of funds obtained from its Managing Director - we hereby remit the matter back to the file of the Ld. AO to examine that no unexplained funds are introduced in the business of the assessee Company as loan from the Managing Director and if it found that the source of fund obtained from the Managing Director of the assessee Company is explained then delete the penalty levied invoking the provisions of section 271D. We thus adopt the above detailed discussion mutatis mutandis and restore the instant issue as well back to the Assessing Officer in the very terms - Assessee appeal allowed for statistical purposes.
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