https://www.taxtmi.com/caselaws?id=249485 The appeal filed by the revenue was allowed, and the penalty imposed under Section 271D of the Income Tax Act was upheld. The Tribunal found that the assessee failed to establish a reasonable cause for accepting cash loans in violation of Section 269SS. The CIT(A)'s decision to delete the penalty was overturned, emphasizing the importance of complying with statutory provisions to prevent tax evasion and maintain financial system integrity. en-us Fri, 04 Jul 2014 00:00:00 +0530 Tue, 15 Jul 2014 08:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249485 The appeal filed by the revenue was allowed, and the penalty imposed under Section 271D of the Income Tax Act was upheld. The Tribunal found that the assessee failed to establish a reasonable cause for accepting cash loans in violation of Section 269SS. The CIT(A)'s decision to delete the penalty was overturned, emphasizing the importance of complying with statutory provisions to prevent tax evasion and maintain financial system integrity. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249485