https://www.taxtmi.com/caselaws?id=211937 Cash acceptance and repayment of small loans from relatives and friends for urgent business needs were treated as genuine transactions made out of commercial expediency. Applying section 273B, the ITAT held that reasonable cause existed because the cash arrangements met immediate expenditure connected with the assessee's vehicle-hire business. Penalty under sections 271D and 271E was therefore not leviable for the contravention of sections 269SS and 269T, and the penalties were cancelled. en-us Fri, 10 Feb 2012 00:00:00 +0530 Wed, 28 Mar 2012 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211937 Cash acceptance and repayment of small loans from relatives and friends for urgent business needs were treated as genuine transactions made out of commercial expediency. Applying section 273B, the ITAT held that reasonable cause existed because the cash arrangements met immediate expenditure connected with the assessee's vehicle-hire business. Penalty under sections 271D and 271E was therefore not leviable for the contravention of sections 269SS and 269T, and the penalties were cancelled. Case-Laws Income Tax Fri, 10 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211937