https://www.taxtmi.com/caselaws?id=259039 The Tribunal partially allowed the appeals regarding penalties under Section 271D for accepting cash loans exceeding Rs. 20,000 in violation of Section 269SS. It emphasized the importance of reasonable cause, directed verification of seized diaries, and applied legal precedents and CBDT Circular No. 572. Penalties were deleted for cash loans of Rs. 20,000 or less and for amounts already taxed under Section 68 of the Income Tax Act. The Tribunal's decision highlighted the significance of verifying facts and following legal precedents in penalty imposition under Section 271D. en-us Wed, 18 Mar 2015 00:00:00 +0530 Tue, 28 Apr 2015 08:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259039 The Tribunal partially allowed the appeals regarding penalties under Section 271D for accepting cash loans exceeding Rs. 20,000 in violation of Section 269SS. It emphasized the importance of reasonable cause, directed verification of seized diaries, and applied legal precedents and CBDT Circular No. 572. Penalties were deleted for cash loans of Rs. 20,000 or less and for amounts already taxed under Section 68 of the Income Tax Act. The Tribunal's decision highlighted the significance of verifying facts and following legal precedents in penalty imposition under Section 271D. Case-Laws Income Tax Wed, 18 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259039