https://www.taxtmi.com/caselaws?id=244762 Cash receipts treated as loans in the books were found, on the facts, to be accepted in contravention of Section 269SS because they were received otherwise than by account payee cheque or bank draft. The explanation that the sums were capital contributions from proposed partners was rejected as not genuine, and the assessee failed to establish reasonable cause to avoid penalty. On that factual foundation, the penalty under Section 271DD was sustained, and there was no basis to interfere with the concurrent findings as they were neither perverse nor illegal. en-us Wed, 08 Jan 2014 00:00:00 +0530 Fri, 05 Aug 2022 18:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244762 Cash receipts treated as loans in the books were found, on the facts, to be accepted in contravention of Section 269SS because they were received otherwise than by account payee cheque or bank draft. The explanation that the sums were capital contributions from proposed partners was rejected as not genuine, and the assessee failed to establish reasonable cause to avoid penalty. On that factual foundation, the penalty under Section 271DD was sustained, and there was no basis to interfere with the concurrent findings as they were neither perverse nor illegal. Case-Laws Income Tax Wed, 08 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244762