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Cash Loan - Penalty u/s 271D and 271E – Violation of section 269SS – Held that - assessee had produced his cash books, depicting loans taken by him unilaterally before the Revenue - no prejudice was caused to the Revenue - assessee did not attempt by the impugned act to avoid any tax liability - there is no dispute about the fact that the instant cash transactions of the respondent assessee were with the sister concern and that these transactions were between the family and due to business exigency - A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof is contained in the compilation of accounts and which has no tax effect, in our view establishes “reasonable cause” under section 273B of the Act. Since the respondent assessee had satisfactorily established “reasonable cause” u/s 273B of the Act he must be deemed to have established sufficient cause for not invoking the penal provisions (sections 271D and 271E of the Act) against him – penalty set aside.


 

 

 

 

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