2019 (2) TMI 1074

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..... n from relatives of its partners. Hon'ble Rajasthan high court’s decision in CIT vs. Raj Kumar Sharma [2007 (4) TMI 218 - RAJASTHAN HIGH COURT] holds that the impugned penalt(ies) are not sustainable in case the transactions in question do not exceed the specified limit of ₹20,000/-. The assessee therein had taken aggregate loan(s) of ₹90,000/- in the relevant previous forming subject .....

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..... nalt(ies); respectively involving u/s 271D r.w.s. 271E of the Income Tax Act, 1961; in short the Act . Case called twice. The assessee does not put in appearance despite the fact that the registry has already sent an RPAD notice dated 13.12.2018. It is accordingly proceeded ex parte . 2. Learned Departmental Representative vehemently contends during the course of hearing that both the lowe .....

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