https://www.taxtmi.com/caselaws?id=242494 The Court upheld the Tribunal's decision to reinstate the penalty under Section 271D of the Income Tax Act, as the appellant failed to establish a reasonable cause for accepting substantial amounts in cash instead of through proper banking channels. The burden of proof lies on the assessee to justify such transactions, especially when significant sums are involved. The Court dismissed the appeal, emphasizing the importance of adhering to legal requirements regarding the acceptance of loans or deposits exceeding specified limits. en-us Wed, 18 Dec 2013 00:00:00 +0530 Thu, 16 Jan 2014 09:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242494 The Court upheld the Tribunal's decision to reinstate the penalty under Section 271D of the Income Tax Act, as the appellant failed to establish a reasonable cause for accepting substantial amounts in cash instead of through proper banking channels. The burden of proof lies on the assessee to justify such transactions, especially when significant sums are involved. The Court dismissed the appeal, emphasizing the importance of adhering to legal requirements regarding the acceptance of loans or deposits exceeding specified limits. Case-Laws Income Tax Wed, 18 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242494