Penalty Upheld: Loan Repayment by Cheques Not a Valid Excuse for Violating Section 269SS. No Black Money Defense.

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....Penalty u/s 271D - The mere proof that the loans were repaid through cheques and there was no attempt to induct black money into the business, itself cannot be considered as a reasonable cause or as a compelling circumstance under which the mandate of Section 269SS can be violated -penalty upheld....