https://www.taxtmi.com/caselaws?id=67416 The tribunal ruled in favor of the assessee in an appeal against a penalty imposed under section 271D of the Income Tax Act for accepting a loan in cash, finding that the transaction did not violate section 269SS as it was not related to tax evasion. The tribunal emphasized that penalties should not apply to genuine transactions and noted the absence of actual acceptance of loan or deposits by the assessee. Due to a reasonable cause for the violation and lack of deliberate defiance, the penalty was deemed not leviable. The CIT(A)'s decision to sustain the penalty was overturned, and the appeal by the assessee was allowed. en-us Fri, 29 Nov 2002 00:00:00 +0530 Thu, 10 Mar 2011 14:38:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67416 The tribunal ruled in favor of the assessee in an appeal against a penalty imposed under section 271D of the Income Tax Act for accepting a loan in cash, finding that the transaction did not violate section 269SS as it was not related to tax evasion. The tribunal emphasized that penalties should not apply to genuine transactions and noted the absence of actual acceptance of loan or deposits by the assessee. Due to a reasonable cause for the violation and lack of deliberate defiance, the penalty was deemed not leviable. The CIT(A)'s decision to sustain the penalty was overturned, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 29 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67416