https://www.taxtmi.com/caselaws?id=250653 The High Court upheld the deletion of penalties under Section 271D in a case where the genuineness of cash loans received from creditors was verified, and a reasonable cause for availing the loans in cash was established. The Tribunal found that the loans were below the prescribed limit, confirmed as genuine, and given due to the absence of banking facilities. The Court concluded that the assessee had proven a reasonable cause for the cash loans, leading to the dismissal of the appeals and deletion of penalties. en-us Mon, 11 Aug 2014 00:00:00 +0530 Thu, 19 Feb 2015 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250653 The High Court upheld the deletion of penalties under Section 271D in a case where the genuineness of cash loans received from creditors was verified, and a reasonable cause for availing the loans in cash was established. The Tribunal found that the loans were below the prescribed limit, confirmed as genuine, and given due to the absence of banking facilities. The Court concluded that the assessee had proven a reasonable cause for the cash loans, leading to the dismissal of the appeals and deletion of penalties. Case-Laws Income Tax Mon, 11 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250653