Income Tax Act Sections 271D and 271E Penalties Avoided Due to Reasonable Cause u/s 273B for Business Journal Entries.

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....Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business activities. - no person would either receive or repay loans in such odd amounts. - these journal entries in the name of some parties were passed towards assignment of genuine and bonafide receivables / payables arising out of business expediencies and exigencies in the normal course of business. - Hence the same would certainly constitute reasonable cause within the meaning of section 273B of the Act and hence no penalty u/s 271D and 271E - AT....