No Penalty u/s 271D or Sec. 271E If Loan & Deposits Due to Journal Entries or Book Adjustments

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The penalty provisions  under section 271D & sec. 271E are applicable when a persons receives loans or deposits in cash in excess of Rs 20,000 in aggregate in contravention of section 269SS  or   payback a loan or deposit in cash in excess of Rs 20000 in contravention of section 269T of the Income Tax Act . But the issue is if the loans or deposits are received due to some book adjustment or paid back by book adjustment , whether in such case  , it can be held that provision of   section 269SS or sec. 269T are contravened .

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