https://www.taxtmi.com/caselaws?id=245568 Section 269SS prohibits acceptance of loans or deposits above the prescribed threshold otherwise than by account payee cheque or bank draft, and penalty under section 271D can be avoided only if section 273B reasonable cause is proved. The assessee's claim that it was a sick industrial unit needing funds was not accepted as sufficient justification for receiving cash. No circumstance beyond the assessee's control was shown to explain non-compliance with the statutory banking channel. The explanation was therefore held inadequate to attract the protection of section 273B, and the penalty under section 271D was confirmed against the assessee. en-us Tue, 08 Oct 2013 00:00:00 +0530 Wed, 02 Apr 2014 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245568 Section 269SS prohibits acceptance of loans or deposits above the prescribed threshold otherwise than by account payee cheque or bank draft, and penalty under section 271D can be avoided only if section 273B reasonable cause is proved. The assessee's claim that it was a sick industrial unit needing funds was not accepted as sufficient justification for receiving cash. No circumstance beyond the assessee's control was shown to explain non-compliance with the statutory banking channel. The explanation was therefore held inadequate to attract the protection of section 273B, and the penalty under section 271D was confirmed against the assessee. Case-Laws Income Tax Tue, 08 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245568