HC upheld levy of penalty as assessee was involved in obtaining & repaying cash loans exceeding Rs. 20,000

IT : Where assessee had obtained and repaid loans in cash exceeding Rs. 20 thousand on regular basis, in view of fact that loans and repayments had not been accounted for in regular books of account and, moreover, no business exigency or urgency had been established to follow a prolonged and persistent system of accepting and repaying loans only in cash, penalty order passed under section 271D was to be confirmed

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