https://www.taxtmi.com/caselaws?id=256852 The Appellate Tribunal upheld the penalty imposed under section 271D of the Income-tax Act on a Karayogam for accepting cash deposits exceeding the specified limit. The Tribunal found the appellant's explanations for the cash transactions inconsistent and emphasized the burden on the assessee to establish a valid reason for not using proper banking channels. The matter was remitted back to the Assessing Officer for fresh consideration to determine if all transactions were adequately explained. The court highlighted the importance of providing consistent and reasonable justifications for cash transactions to avoid penalties. en-us Tue, 25 Feb 2014 00:00:00 +0530 Tue, 24 Feb 2015 06:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256852 The Appellate Tribunal upheld the penalty imposed under section 271D of the Income-tax Act on a Karayogam for accepting cash deposits exceeding the specified limit. The Tribunal found the appellant's explanations for the cash transactions inconsistent and emphasized the burden on the assessee to establish a valid reason for not using proper banking channels. The matter was remitted back to the Assessing Officer for fresh consideration to determine if all transactions were adequately explained. The court highlighted the importance of providing consistent and reasonable justifications for cash transactions to avoid penalties. Case-Laws Income Tax Tue, 25 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256852