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2015 (7) TMI 326 - AT - Income TaxLevy of penalty under section 271D - violation of the provisions of section 269SS - Held that:- In the instant case the assessee was categorically denying from the very beginning regarding acceptance of such cash loan from Shri K.N. Mutha and since there is no direct evidence to substantiate that the assessee has in-fact accepted the said cash loan and since no statement was recorded from either of the parties, therefore, following the decision of the Co-ordinate Bench of the Tribunal under identical facts and circumstances in the case of Late Shri Madanlal N. Singalkar (2015 (7) TMI 196 - ITAT PUNE), we hold that this is not a fit case for levy of penalty under section 271D of the I.T. Act. We accordingly set-aside the order of CIT(A) and direct the Assessing Officer to cancel the penalty. - Decided in favour of assessee.
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