No escape from penalty even if cash received in excess of Rs. 20,000 was deposited on same day in bank a/c

IT: Where director of assessee-company obtained cash in excess of Rs. 20,000 as loan from a financier and same was deposited by him in cash in bank account of company, merely because director took cash loans from financier, and deposited it in current account of assessee-company on very same day and assessee utilized it to pay salaries, rent and EMI commitments could never be a ground to be taken as a mitigating factor to escape from rigour of levy of penalty under section 271D

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