https://www.taxtmi.com/caselaws?id=116711 The Tribunal allowed the appeal of the assessee and revoked the penalty under section 271D. It was found that the cash deposits were made by individuals for declaration under the Voluntary Disclosure of Income Scheme (VDIS) and were not loans or deposits. The Tribunal held that the assessee had a bona fide belief in the legitimacy of the transactions, as the department had accepted the VDIS declarations of these individuals. Therefore, the penalty was canceled based on the grounds of reasonable cause for the cash transactions. en-us Wed, 17 Dec 2003 00:00:00 +0530 Fri, 15 Jun 2012 14:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116711 The Tribunal allowed the appeal of the assessee and revoked the penalty under section 271D. It was found that the cash deposits were made by individuals for declaration under the Voluntary Disclosure of Income Scheme (VDIS) and were not loans or deposits. The Tribunal held that the assessee had a bona fide belief in the legitimacy of the transactions, as the department had accepted the VDIS declarations of these individuals. Therefore, the penalty was canceled based on the grounds of reasonable cause for the cash transactions. Case-Laws Income Tax Wed, 17 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116711