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No Penalty for Cash Loan Repayment Due to Urgent Medical Needs, Section 271E & 269T, Income Tax Act.
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....Penalty u/s 271E - contravention of provisions of S. 269T - repaying of loan in Cash - The funds were needed for an urgent requirement made at the hospital towards the treatment of mother of the Partner - The assessee therefore, paid the amount through different family members, who are close relative of the partners of the firm - No penalty - AT....