https://www.taxtmi.com/caselaws?id=257083 The High Court upheld the Tribunal's decision to confirm the penalty under Section 271D of the Income Tax Act for accepting a cash loan in violation of Section 269SS. The court emphasized the importance of establishing a reasonable cause for non-compliance with statutory provisions to avoid penalties, highlighting the need for factual findings and adherence to legal precedents. The appeal was dismissed, underscoring the significance of proving mitigating circumstances to justify deviations from the law. en-us Mon, 16 Feb 2015 00:00:00 +0530 Wed, 12 Aug 2015 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257083 The High Court upheld the Tribunal's decision to confirm the penalty under Section 271D of the Income Tax Act for accepting a cash loan in violation of Section 269SS. The court emphasized the importance of establishing a reasonable cause for non-compliance with statutory provisions to avoid penalties, highlighting the need for factual findings and adherence to legal precedents. The appeal was dismissed, underscoring the significance of proving mitigating circumstances to justify deviations from the law. Case-Laws Income Tax Mon, 16 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257083