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2020 (1) TMI 253 - AT - Income TaxPenalty u/s 271E/271D - accepting loans in cash - HELD THAT:- As decided in SMT. DEEPIKA, VERSUS ADDL. COMMISSIONER OF INCOME TAX, RANGE 5, BANGALORE. [2017 (10) TMI 1405 - ITAT BANGALORE] the daughter and member of the HUF have given money for certain specific purpose. The source and genuineness of the loan has been accepted by the AO. The cash loans in question therefore cannot be said fall within the mischief of Sec.269SS of the Act as near relatives cannot be said to be “Other person” within the meaning of Sec.269SS of the Act. In any event in the circumstances of the case, there was reasonable cause for accepting loans in cash. We, set aside the orders of the Ld.CIT(A) and cancel the penalties levied u/s. 271E/271D - Decided in favour of assessee.
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