https://www.taxtmi.com/caselaws?id=236109 The tribunal upheld the penalty under Section 271D against the assessee for accepting a cash loan exceeding Rs. 20,000 without reasonable cause, despite the transaction being genuine. The tribunal found that the assessee failed to demonstrate a valid reason for not complying with the prescribed mode of transaction under Section 269SS. The second proviso to Section 269SS, which exempts agriculturists if they have no taxable income, was deemed inapplicable as the assessee had taxable income. Consequently, the tribunal allowed the revenue's appeal and reinstated the penalty imposed by the Assessing Officer. en-us Fri, 26 Jul 2013 00:00:00 +0530 Fri, 01 Apr 2016 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236109 The tribunal upheld the penalty under Section 271D against the assessee for accepting a cash loan exceeding Rs. 20,000 without reasonable cause, despite the transaction being genuine. The tribunal found that the assessee failed to demonstrate a valid reason for not complying with the prescribed mode of transaction under Section 269SS. The second proviso to Section 269SS, which exempts agriculturists if they have no taxable income, was deemed inapplicable as the assessee had taxable income. Consequently, the tribunal allowed the revenue's appeal and reinstated the penalty imposed by the Assessing Officer. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236109