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TMI Blog2012 (4) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... ke of convenience both these appeals are decided by this common order. 3. During the assessment proceedings the AO noticed that the assessee has accepted and repaid loan in cash violating section 269SS and 269T of the Act. The details of loan accepted are noted in the penalty order u/s. 271D are as under:- Sl.No. Name Amount of loan/Deposits 1. Bipinbhai Bhatt 19,500 2. Beenaben Solanki 19,500 3. Deepikaben Jaiswal 19,750 4. Heenaben Brhmbhatt 19,500 5. Jagrutiben Bhatt 19,500 6. Kaushal Shah 19,800 7 Mamtaben Parikh 19,800 8 Manubhai Shah 19,900 9 Pravinbhai Mistry 19,500 10. Rajubhai A. Jaiswal 19,800 11 Sanjay Jaiswal 19,500 12 Zankhanaben A.Shah 19,800 Total 2,35,850 4. The AO while exa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by, (a) Government ; (b) any banking company, post office savings bank or co-operative bank ; (c) any corporation established by a Central, State or Provincial Act ; (d) any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) ; (e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette Provided further that the provisions of this section shall not apply to any loan or deposit where the person from whom the loan or deposit is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 617 of the Companies Act, 1956 (1 of 1956); (v) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette. For the purposes of this section "loan or deposit" means any loan or deposit of money which is repayable after notice or repayable after a period and, in the case of a person other than a company, includes loan or deposit of any nature. 5.2 Failure to comply with the provisions of section 269T penalty is provided in section 271E. If a person repays any [loan or] deposit referred to in section 269T otherwise than in accordance with the provisions of that section, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g under normal circumstances, without negligence or inaction or want of bona fides. Before imposition of penalty under these sections, the Assessing Officer must be satisfied, not arbitrarily but judiciously, that the assessee has without reasonable cause failed to comply with the provisions. While considering reasonable one should keep in mind commercial expediency and object of the section for which it was inserted. It is to see whether the transaction is in accordance with commercial expediency. Thus such cases are required to decide considering facts of the each case. Therefore the cases on which relied upon the parties do not help them. If we see the facts of the case under consideration in consolidated way we noticed that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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