https://www.taxtmi.com/caselaws?id=253662 The Tribunal upheld the penalty imposed under Section 271D of the Income Tax Act on the assessee for accepting cash deposits in violation of Section 269SS. The Tribunal found no reasonable cause for accepting cash deposits, disregarded the principle of mutuality, and emphasized that Section 269SS regulates the mode of accepting loans and deposits regardless of transaction genuineness. The appeal was dismissed, affirming the penalty imposed by lower authorities. en-us Fri, 25 Jul 2014 00:00:00 +0530 Mon, 01 Dec 2014 08:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253662 The Tribunal upheld the penalty imposed under Section 271D of the Income Tax Act on the assessee for accepting cash deposits in violation of Section 269SS. The Tribunal found no reasonable cause for accepting cash deposits, disregarded the principle of mutuality, and emphasized that Section 269SS regulates the mode of accepting loans and deposits regardless of transaction genuineness. The appeal was dismissed, affirming the penalty imposed by lower authorities. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253662