Applicability of penalty U/s. section 269T of IT Act, 1961, when payment was made in cash but not exceeded Rs.20,000/- on a single day

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14 On perusal of the aforesaid account, it is seen that the assessee had to pay sum of Rs. 2,00,000/- to M/s. Ram Kumar Krishan Kumar as on 01.04.2002. Thus, the total amount payable by the assessee was of Rs. 2,00,000/-. Thereafter, the assessee has paid the sum of Rs. 13,000/-, 14,500/-, 14,000/-, 15,000/-,17,200/- and 12,650/- in cash on 19.06.2002, 20.06.2002, 21.06.002, 22.06.2002, 24.06.2002 and 25.06.2002 respectively, reducing the outs

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