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2016 (6) TMI 1051 - GUJARAT HIGH COURTPenalty u/s. 271D - cash receipt in violation of conditions of section 269SS - whether the transaction of accepting ₹ 2 lacs from appellant's son was non-commercial and personal in nature? - Held that:- The transaction was between a father and son, to meet the urgent requirement of depositing the margin money in the bank account for buying a vehicle for personal use and thus, it was neither a loan nor deposit nor had anything to do with evasion of tax. Default if any was of a technical or a venial breach of the provisions of law and therefore no penalty could be imposed under section 271D of the Act. See Commissioner of Income Tax v. Bombay Conductors & Electricals Ltd.[2008 (2) TMI 114 - GUJARAT HIGH COURT ] - Decided in favour of assessee
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