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1996 (9) TMI 163 - AT - Income TaxExtract: .......thus do support the present case of the assessee. 7. Considering all facts and circumstances discussed above, we hold that there existed a reasonable cause for taking said loans/deposits in cash and accordingly penalty under s. 271D is not leviable. We accordingly cancel the penalty levied. 8. In the result, appeal filed by the assessee is allowed.
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