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2020 (4) TMI 485 - AT - Income TaxPenalty u/s 271D - Period of limitation - urgency and compulsion to take loan in cash - default u/s 269SS - HELD THAT:- Clause (c) of section 275(1) of the Act provides that no order u/s 271D of the Act shall be passed after expiry of the financial year, in which the proceedings are completed or six months from the end of the month in which the action for imposition of penalty, is initiated. The relevant financial year, is 2016-17 in this case and the relevant month of initiation of penalty, is April, 2016. Therefore, the order passed by the Assessing Officer on 29.11.2016 is very much valid and not time barred. On merits we find this is a clear case of receipt of cash by the assessee in violation of section 269SS - no justification for accepting loans in cash even through banking channels were available and also utilized by these two lenders. The appellant required money for hospital premises but there were no compelling reasons for accepting the cash as such - appellant is well educated doctor and cannot claim to be ignorant of law in this regard - Decided against assessee.
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