Section 271E: Cash Repayment Penalties Aim to Curb Black Money, Not Penalize Genuine Transactions. Minimum Penalty Not Always Mandatory.

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....Penalty u/s 271E - repayment in cash - The purpose of introduction of the penal provisions in the legislature were to curb black money and benami transactions. The purpose of legislature can never be to impose penalty in case of genuine transactions. - Even if the relevant provisions of law prescribe levy of a minimum penalty, it does not mean that penalty must necessarily be imposed in every case falling within Sections 269SS and 269T - AT....