https://www.taxtmi.com/news?id=609 Where cash loans exceeding the statutory cash limit were taken to meet imminent cheque commitments, and the assessee proved business exigency, bona fide creditors, corresponding accounting entries, and absence of revenue loss, those facts constituted reasonable cause and precluded imposition of a penalty for the mode-of-borrowing contravention. en-us Tue, 07 Oct 2008 23:46:20 +0530 Wed, 08 Oct 2008 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=609 Where cash loans exceeding the statutory cash limit were taken to meet imminent cheque commitments, and the assessee proved business exigency, bona fide creditors, corresponding accounting entries, and absence of revenue loss, those facts constituted reasonable cause and precluded imposition of a penalty for the mode-of-borrowing contravention. News - Tue, 07 Oct 2008 23:46:20 +0530 https://www.taxtmi.com/news?id=609