Penalty Upheld for Cash Loans: Assessee Fails to Prove Urgent Financial Need u/s 271D, Violates Section 269SS.

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....Penalty u/s 271D - cash loans from farmer friends - assessee relied on mere oral assertions of urgent requirement of funds without producing any material to establish such assertion - the details of purchase orders required to be executed within time and most significantly did not co-relate the purchases made from such cash loans - no reasonable explanation for failure of Section 269SS - penalty upheld....