No Penalty Imposed for Cash Loan: Tax Department's Lack of Objection Supports Assessee's Case u/s 271D.

Penalty u/s. 271D - Loan accepted in cash in contravention of section 269SS - it is clear beyond doubt that the transactions entered on the page are pertaining to the agricultural land of the assessee situated and the department has not raised any doubt about the adequacy of the land and the amount related to the said land received by the assessee. Thus, this indirect admission of the department strength the argument of the assessee. - No penalty - AT .....

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