https://www.taxtmi.com/caselaws?id=201555 The Court upheld the decision of the Tribunal and the Commissioner of Income Tax (Appeal) to delete the penalty imposed under section 271D of the Income Tax Act. The Tribunal found that the loans taken in cash were from agriculturists under emergency circumstances, with a reasonable cause explained to the assessing authority. The genuineness of the loans was not in question, leading to the dismissal of the revenue's appeal against the penalty. The Court affirmed the Tribunal's ruling, emphasizing the acceptance of the explanation provided by the assessee for accepting the deposits in cash. en-us Tue, 05 Oct 2010 00:00:00 +0530 Mon, 17 Jan 2011 01:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201555 The Court upheld the decision of the Tribunal and the Commissioner of Income Tax (Appeal) to delete the penalty imposed under section 271D of the Income Tax Act. The Tribunal found that the loans taken in cash were from agriculturists under emergency circumstances, with a reasonable cause explained to the assessing authority. The genuineness of the loans was not in question, leading to the dismissal of the revenue's appeal against the penalty. The Court affirmed the Tribunal's ruling, emphasizing the acceptance of the explanation provided by the assessee for accepting the deposits in cash. Case-Laws Income Tax Tue, 05 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201555