TMI Blog2024 (2) TMI 789X X X X Extracts X X X X X X X X Extracts X X X X ..... were brought on record. Genuineness of transaction has not been doubted. All the transactions were accounted for by the assessee and his son in their respective books of account. The impugned transaction is reportedly to meet business exigency. We are therefore of the opinion that the assessee established the existence of reasonable cause for the impugned transaction and therefore the penalty is not exigible. Decided in favour of assessee. - N.K. Billaiya, Accountant Member And Ms. Astha Chandra, Judicial Member For the Assessee : Shri Sandeep Sapra, Advocate For the Department : Shri Vivek Vardhan, Sr. DR ORDER PER ASTHA CHANDRA, JM The appeal filed by the assessee is directed against the order dated 04.08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he copy of account of the assessee in the books of M/s. A.K. Trading Co. And copy of account of M/s. A.K. Trading Co. In the books of the assessee duly confirmed, filed before the Ld. AO/CIT(A). 4. The Ld. DR relied on the order of the Ld. CIT(A). He submitted that the assessee failed to demonstrate any urgency to take loan in cash. 5. We have considered the rival submission and perused the records. During penalty proceedings the assessee submitted the following explanation: 1. Assessee has not accepted loan of Rs. 2 Lacs at a time in cash from my son Shri Akhilesh Garg. Prop. M/S A.K. Trading Co. during FY 2012-13 as alleged 2. by your honour in your above mentioned notice. Copy of A/c of M/S Pramod Trading Co. in the books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion for his unaccounted money. In Assessee's case, genuineness of the transaction is not in dispute as the loan of Rs. 2,00,000/- as on 31/03/2013 stands accepted by the AO. In other words, there is no charge made against the Assessee of introducing his own money and therefore, provisions of 269SS could not be invoked. 5. Without prejudice to above, even if provisions of section 269SS are applicable, then too, penalty may not be levied as I was under a genuine bona fide belief that I could take cash loan if it did not exceed Rs. 20,000/- 6. on a given date particularly from a family member. In other words, there was reasonable cause for accepting cash loan and therefore, the proceeding deserves to be dropped. Several deci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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