https://www.taxtmi.com/caselaws?id=205770 The Tribunal upheld the decision to delete the penalty imposed under section 271D for contravention of section 269SS. It found that the business exigency faced by the assessee justified accepting cash loans exceeding Rs. 20,000, citing legal precedents and emphasizing the necessity of funds to meet immediate payment obligations. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty, as no contrary evidence was presented to refute the genuine reasons behind accepting the cash loans. en-us Fri, 12 Nov 2010 00:00:00 +0530 Tue, 28 May 2013 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205770 The Tribunal upheld the decision to delete the penalty imposed under section 271D for contravention of section 269SS. It found that the business exigency faced by the assessee justified accepting cash loans exceeding Rs. 20,000, citing legal precedents and emphasizing the necessity of funds to meet immediate payment obligations. The Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty, as no contrary evidence was presented to refute the genuine reasons behind accepting the cash loans. Case-Laws Income Tax Fri, 12 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205770