https://www.taxtmi.com/caselaws?id=69169 The Tribunal dismissed the appeal, affirming the penalty under section 271D for contravening section 269SS. The assessee failed to demonstrate a reasonable cause for accepting cash loans exceeding Rs. 20,000, and the genuineness of the loans did not exempt them from compliance. The loans from agriculturists were not exempt as the assessee had taxable income. en-us Thu, 17 Jun 2004 00:00:00 +0530 Sat, 15 Jun 2024 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69169 The Tribunal dismissed the appeal, affirming the penalty under section 271D for contravening section 269SS. The assessee failed to demonstrate a reasonable cause for accepting cash loans exceeding Rs. 20,000, and the genuineness of the loans did not exempt them from compliance. The loans from agriculturists were not exempt as the assessee had taxable income. Case-Laws Income Tax Thu, 17 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69169