https://www.taxtmi.com/caselaws?id=70909 The Tribunal reversed the CIT(A)'s decision, determining that the penalty proceedings were validly initiated on 2nd May 2000, within the limitation period. The case was remanded to the CIT(A) to consider the reasonable cause defense for accepting loans in cash. The Revenue's appeal was allowed, and the assessee's cross-objection was treated as allowed for statistical purposes. en-us Mon, 29 Dec 2003 00:00:00 +0530 Wed, 20 Apr 2011 10:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70909 The Tribunal reversed the CIT(A)'s decision, determining that the penalty proceedings were validly initiated on 2nd May 2000, within the limitation period. The case was remanded to the CIT(A) to consider the reasonable cause defense for accepting loans in cash. The Revenue's appeal was allowed, and the assessee's cross-objection was treated as allowed for statistical purposes. Case-Laws Income Tax Mon, 29 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70909