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2022 (11) TMI 416
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..../JP/2022 and 309/JP/2022 for the assessment year 2013-14 u/s 271E and 271D of the Act as under:- ''The ld. CIT(A) has erred on facts and in confirming the levy of penalty of Rs.10,07,500/- u/s 271E of the Act, 1961. He has further erred in not appreciating that repayment of loan made to each person is less than Rs.20,000/- and thus, there is no violation of Section 269T of I.T. Act.'' '' The ld. CIT(A) has erred on facts and in confirming the levy of penalty of Rs.9,77,500/- u/s 271D of the I.T. Act, 1061. He has further erred in not appreciating that amount of loan taken from each person is less than Rs.20,000/- and thus, there is no violation of Section 269SS of I.T. Act.'' 2.2 Brief facts of the case are that the ass....
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....arly, Section 269T read with Section 271E is attracted when the repayment of loan made to each person exceeds Rs.20,000/-. In this regard, the ld. AR has drawn Bench attention to the cash book and pointed out that the amount received from various parties / amount paid to various parties for unsecured loan did not exceed the limit of Rs.20,000/- and thus no provisions of Section 271D and 271E are attracted. Further, in order to support his contention, the ld. AR filed the affidavit of the parties from whom loan was taken / repaid. 2.6 During the course of hearing, the ld. DR supported the orders of the ld. CIT(A). 2.7 After having meticulously gone through the facts of the present and documents relied upon by the assesee, the Bench fou....
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....f section 269 reads as under: No branch of a banking company or a co-operative bank and no other company or co operative society and no firm or other person shall repay any loan or deposit made with it or any specified advance received by it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit or paid the specified advance, or by use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed if - (a) the amount of the loan or deposit or specified advance together with the interest, if any, payable thereon, or (b) the aggregate amount of the loans or deposits held by such person wit....