No Penalty for Small Cash Loans Taken by Director for Urgent Business Needs u/s 271D of Income Tax Act.

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....Penalty u/s 271D - small amounts on different occasions to meet the urgent business needs has been taken from the company in which assessee is a director and shareholder - the reasonable cause given by the assessee for taking the said cash loan duly mandate that levy of penalty u/s 271D is not warranted....