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2015 (2) TMI 852 - HC - Income TaxPenalty under section 271D - Held that:- While referring to the scope of section 269SS read with section 271D , the burden is on the assessee to establish what was the reasonable cause for not receiving the loan or deposit by way of account payee cheque or a demand draft. It is not a single transaction but several transactions which have to be explained by the appellant-assessee. Though there is no specific consistent stand as stated on behalf of the appellant-assessee, since the matter is remitted back to the Assessing Officer for fresh consideration, so far as the factual situation whether all transactions were ₹ 20,000 and above, we are of the opinion, no prejudice would be caused to the Revenue if an opportunity is given to the appellant- assessee to explain such transactions which are ₹ 20,000 and above. After giving an opportunity to the appellant-assessee, the Assessing Officer shall proceed with the matter and decide the controversial issue either accepting or rejecting the explanation depending upon the nature of the explanation.
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