https://www.taxtmi.com/caselaws?id=205768 Sections 269SS and 269T restrict cash acceptance and repayment of loans or deposits, while sections 271D and 271E prescribe penalties for breach; section 273B protects an assessee where reasonable cause is shown. The transactions here were between the assessee and its members in the course of regular banking activity, were recorded in the books, and were treated as genuine by the Revenue. On that basis, the assessee's bona fide belief that the provisions did not apply was accepted, and the penalty provisions were held not invocable, with the penalties deleted. en-us Fri, 26 Feb 2010 00:00:00 +0530 Thu, 22 Sep 2011 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205768 Sections 269SS and 269T restrict cash acceptance and repayment of loans or deposits, while sections 271D and 271E prescribe penalties for breach; section 273B protects an assessee where reasonable cause is shown. The transactions here were between the assessee and its members in the course of regular banking activity, were recorded in the books, and were treated as genuine by the Revenue. On that basis, the assessee's bona fide belief that the provisions did not apply was accepted, and the penalty provisions were held not invocable, with the penalties deleted. Case-Laws Income Tax Fri, 26 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205768