https://www.taxtmi.com/caselaws?id=151202 The Tribunal upheld the penalty imposed under section 271D of the Income-tax Act, 1961 on the assessee for violating section 269SS by accepting cash loans from relatives to purchase agricultural lands. Despite the assessee's explanations of urgent circumstances and ignorance of the law, the Tribunal found the loans were not genuine, lacked evidence of urgency, and could have been obtained through banking channels. The Tribunal concluded that the penalty was justified as the assessee failed to demonstrate a reasonable cause for accepting cash loans, resulting in the dismissal of the appeal. en-us Wed, 24 Dec 2008 00:00:00 +0530 Sat, 01 Jun 2013 15:20:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151202 The Tribunal upheld the penalty imposed under section 271D of the Income-tax Act, 1961 on the assessee for violating section 269SS by accepting cash loans from relatives to purchase agricultural lands. Despite the assessee's explanations of urgent circumstances and ignorance of the law, the Tribunal found the loans were not genuine, lacked evidence of urgency, and could have been obtained through banking channels. The Tribunal concluded that the penalty was justified as the assessee failed to demonstrate a reasonable cause for accepting cash loans, resulting in the dismissal of the appeal. Case-Laws Income Tax Wed, 24 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151202