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2020 (3) TMI 966 - AT - Income TaxPenalty u/s 271E - assessee had made repayment of unsecured loan to village welfare society in cash - contravention of provision of section 269T - HELD THAT:- We note that assessee made repayment of loan in five equal installments of ₹ 75,000/- each by way of Bank Transfer through Axis Bank Account No. 236010100020563 belonging to the lender. It is a recognized mode of payment recommended by Finance Bill, 2014, hence we delete the penalty of ₹ 3,75,000/-. - Decided in favour of assessee.
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