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2020 (5) TMI 300 - AT - Income TaxPenalty u/s 27ID - cash loans exceeding ₹ 20,000 from agriculturists living in village areas - HELD THAT:- 2nd proviso to section 269SS lays down that the provisions of this section shall not apply to any loan or deposit or specified sum, where the person from whom the loan or deposit or specified sum is taken or accepted and the person by whom the loan or deposit or specified sum is taken or accepted, are both having agricultural income and neither of them has any income chargeable to tax under this Act Contention of the Ld. AR that since the creditor had given the loan from their agricultural income and the borrower was also engaged in agricultural activity, the provisions of section 269SS are not attracted, has not been verified by the Assessing Officer as well as by the CIT(A) from the perusal of the evidences. Thus, the revenue authorities failed to look into the evidences produced before them and did not verify the same in context of Section 269SS Remand back this issue to the file of the AO for proper adjudication - Appeal of the assessee is partly allowed for statistical purpose.
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