https://www.taxtmi.com/caselaws?id=206012 The Tribunal decided in favor of the assessee, canceling the penalty of Rs. 15,00,000 under Section 271D of the IT Act. The majority opinion held that the assessee had a reasonable cause for accepting the cash loan of Rs. 15,00,000, as it was necessary for urgent land development transactions. The Third Member agreed, emphasizing that immediate cash availability is often required in business dealings, and the assessee's actions were in line with normal practices. Therefore, the penalty was deemed unjustified, and the assessee's appeal was allowed. en-us Thu, 16 Jul 2009 00:00:00 +0530 Wed, 05 Oct 2011 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206012 The Tribunal decided in favor of the assessee, canceling the penalty of Rs. 15,00,000 under Section 271D of the IT Act. The majority opinion held that the assessee had a reasonable cause for accepting the cash loan of Rs. 15,00,000, as it was necessary for urgent land development transactions. The Third Member agreed, emphasizing that immediate cash availability is often required in business dealings, and the assessee's actions were in line with normal practices. Therefore, the penalty was deemed unjustified, and the assessee's appeal was allowed. Case-Laws Income Tax Thu, 16 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206012