https://www.taxtmi.com/caselaws?id=71500 The Tribunal upheld the penalty imposed under section 271D for violating section 269SS, rejecting the assessee's justifications for the cash loans. It found the penalty proceedings were initiated within the limitation period specified by section 275(1)(c). The Tribunal also determined that there was no reasonable cause for the cash borrowings and dismissed claims of non-application of mind by the Dy. Commissioner, affirming the penalty order's validity. The appeal was dismissed, confirming the penalty and the procedural regularity of the penalty proceedings. en-us Thu, 23 Mar 1995 00:00:00 +0530 Mon, 25 Apr 2011 13:04:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71500 The Tribunal upheld the penalty imposed under section 271D for violating section 269SS, rejecting the assessee's justifications for the cash loans. It found the penalty proceedings were initiated within the limitation period specified by section 275(1)(c). The Tribunal also determined that there was no reasonable cause for the cash borrowings and dismissed claims of non-application of mind by the Dy. Commissioner, affirming the penalty order's validity. The appeal was dismissed, confirming the penalty and the procedural regularity of the penalty proceedings. Case-Laws Income Tax Thu, 23 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71500