No Penalty Under Sec 271E for Cash Loan Repayment if Identity Verified and Payment Genuineness Unquestioned.

Levy of penalty u/s. 271E - violation of provisions of Section 269T - If identity of person is proved and genuineness of payment is not doubted by the AO then ontentions of assessee of ‘bonafide belief’ for repayment of loans in cash is acceptable and the penalty u/s. 271E is not leviable. .....

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