Penalty u/s 271E mandatory due to repayment of loan in cash in excess of Rs. 20,000

Kacharu Madhukar Shinde Vs JCIT (ITAT Delhi)

ITAT Delhi held that penalty u/s 271E of the Income Tax Act leviable on account of repayment of loan in cash in excess of Rs. 20,000 vis-à-vis failure of assessee to prove that such payment is covered by exceptional circumstances covered under section 269T.

Facts- During the assessment proceedings, AO observed that assessee had re-paid loan in cash exceeding Rs.20,000/- aggregating to Rs.5,90,644/- during the F.Y.2009-10. The A

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