In the result, assessee’s appeals are allowed
Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman
capital gain which was set off against the carried forward loss. Subsequently, the AO initiated the penalty proceedings u/s 271D and also u/s 271E of the Act on the ground that the assessee has received loans in cash and also repaid the loans in cash in violation of the provisions of section 269SS and 269T