A.O Not Empowered to Issue Penalty Notice u/s 271D or 271E.

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Advanced TopicOne of my assessees, because of certain business urgencies, accepted a loan in excess of Rs. 20000/- in cash from one known lady [ who is also not an income tax assessee so far] during the previous year 2005-06.Now the AO has issued one show cause notice u/s. 271D in this connection.Learned members may…

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