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ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances as middle-class, uneducated individual who received loans from agriculturists seeking anonymity due to CBI concerns. Reasonable cause was established given the timing of loans immediately after CBI actions and assessee's dire financial need. The subsequent cash repayment was made on lender's insistence. Given these mitigating factors and genuine circumstances, ITAT determined penalties were not warranted under sections 271D and 271E read with section 274, setting aside JCIT's penalty orders.
ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances as middle-class, uneducated individual who received loans from agriculturists seeking anonymity due to CBI concerns. Reasonable cause was established given the timing of loans immediately after CBI actions and assessee's dire financial need. The subsequent cash repayment was made on lender's insistence. Given these mitigating factors and genuine circumstances, ITAT determined penalties were not warranted under sections 271D and 271E read with section 274, setting aside JCIT's penalty orders.
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