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2022 (11) TMI 416 - AT - Income TaxPenalty u/s 271D and penalty u/s. 271E - Default u/s 269SS and u/s 269T - Loan/deposits taken/paid by the assessee is more than Rs.20,000/- - assessee argued that amount received from various parties / amount paid to various parties for unsecured loan did not exceed the limit of Rs.20,000/- and thus no provisions of Section 271D and 271E are attracted - HELD THAT:- As the plain reading of both the Sections denotes that Section 269SS is attracted when the amount of loan taken from individual person exceeds Rs,20,000/- and Section 269T is attracted when the repayment of loan made to individual person exceeds Rs.20,000/-. The Bench has also gone through the cash book placed on record and statement of loan taken and loan repaid in cash drawn from the cash book it can be noted that the amount of loan taken from each person and amount of loan repaid to each person does not exceed Rs.20,000/-. Revenue Authorities levied and confirmed the penalty by holding that Aggregate of loan/deposits taken/paid by the assessee is more than Rs.20,000/- by not appreciating the provisions of these Sections. In my view, after evaluating the provisions of law, aggregate of loan is to be seen personwise and not aggregate loan taken from all the persons in the whole year. Therefore, under these present facts and circumstances of the case, the penalty is not attracted in the present case and thus both the penalties confirmed by the ld. CIT(A) (supra) are directed to be deleted.Appeals filed by the assessee are allowed.
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