Company Penalized u/s 271D for Violating Section 269SS by Accepting Cash Loans; Emergency Claim Rejected.

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....Levy of penalty u/s 271D - contravention of provision of section 269SS - Since the cash was accepted by the assessee company on working days, the argument of the assessee company that these loans were taken for emergency payments cannot be accepted. - Acceptance of cash by the assessee company was not necessitated by any emergency/imminent circumstances. - Penalty confirmed - AT....