No Penalty for Cash Loan: Section 271D Exception Applied Due to Reasonable Cause u/s 273B of Income Tax Act.

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....Levy of penalty u/s. 271D - The transaction in question does not fall in the mischief for which the section was brought on statute. It is clearly covered by the exceptions provided in the section 273B of the Act. There existed the a reasonable cause for accepting cash in loan in the month of July, 2007 - No penalty - AT....