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2019 (1) TMI 283 - AT - Income TaxLevy of penalty u/s 271D - assessee had taken cash loans from his father-in-law in contravention of the provisions of section 269SS - Held that:- We find that the issue of levy of penalty u/s 271D of the Act in similar factual circumstances was considered by a co-ordinate bench of this Tribunal in the case of Smt. Deepika Vs. Addl. CIT [2017 (10) TMI 1405 - ITAT BANGALORE] as held that transaction of loan between father in law and daughter in law in cash cannot be subject matter of levy of penalty u/s.271D of the Act. Cash loans from close relatives cannot be said to fall within the mischief of section 269SS of the Act, as near/close relatives cannot be said to be “other persons” within the meaning of section 269SS. Thus we are of the view that imposition of penalty u/s.271D of the Act cannot be sustained. - decided in favour of assessee
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