https://www.taxtmi.com/caselaws?id=261365 The Tribunal allowed the appeal, revoking the penalty imposed under section 271D of the I.T. Act for alleged violation of section 269SS. The Tribunal emphasized the need for direct evidence to substantiate claims of accepting cash loans. Since the assessee consistently denied accepting the cash loan and there was no direct evidence supporting the claim, the penalty was set aside. The Tribunal directed the Assessing Officer to cancel the penalty due to the lack of concrete evidence supporting the alleged violation. en-us Wed, 24 Jun 2015 00:00:00 +0530 Mon, 06 Jul 2015 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261365 The Tribunal allowed the appeal, revoking the penalty imposed under section 271D of the I.T. Act for alleged violation of section 269SS. The Tribunal emphasized the need for direct evidence to substantiate claims of accepting cash loans. Since the assessee consistently denied accepting the cash loan and there was no direct evidence supporting the claim, the penalty was set aside. The Tribunal directed the Assessing Officer to cancel the penalty due to the lack of concrete evidence supporting the alleged violation. Case-Laws Income Tax Wed, 24 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261365