https://www.taxtmi.com/caselaws?id=261887 The court upheld penalties imposed on the appellant for accepting and repaying loans in cash exceeding Rs. 20,000, violating Income Tax Act sections 269SS and 269T. The appellant's argument of genuine transactions due to compulsion was rejected as no reasonable cause was established. The court emphasized the lack of bona fide intentions and deliberate violations, dismissing the appeals and affirming penalties under Sections 271D and 271E. The judgment stressed compliance with statutory requirements and the absence of substantial legal questions. en-us Thu, 26 Mar 2015 00:00:00 +0530 Tue, 11 Aug 2015 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261887 The court upheld penalties imposed on the appellant for accepting and repaying loans in cash exceeding Rs. 20,000, violating Income Tax Act sections 269SS and 269T. The appellant's argument of genuine transactions due to compulsion was rejected as no reasonable cause was established. The court emphasized the lack of bona fide intentions and deliberate violations, dismissing the appeals and affirming penalties under Sections 271D and 271E. The judgment stressed compliance with statutory requirements and the absence of substantial legal questions. Case-Laws Income Tax Thu, 26 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261887