Penalty Upheld for Section 269T Violation: Assessee Fails to Justify Deposit in Shareholder's Account, No Reasonable Cause Proven.

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....Penalty u/s.271E - violation of provision of section 269T - the assessee has not explained the reason why the said amount has been deposited in the bank account of Shri Raju Bharat and what is the urgency or immediate need for the company’s business to deposit the same amount in the bank account of the shareholder - no reasonable cause as per section 273B - penalty confirmed....