https://www.taxtmi.com/caselaws?id=267995 The court found that there was a 'reasonable cause' for accepting a cash loan under Section 269SS of the Income Tax Act, 1961, as the assessee provided a plausible explanation for the emergent circumstances necessitating the borrowing, which was promptly repaid and accounted for. Additionally, the court considered a wrong statement made by the assessee as a 'reasonable cause' under Section 273B, noting the genuine reasons behind the cash borrowing to clear cheques issued in advance. The court upheld the decisions of the lower authorities, emphasizing the subjective nature of 'reasonable cause' and commercial exigency. The appeal was dismissed in favor of the assessee. en-us Mon, 05 Oct 2015 00:00:00 +0530 Tue, 17 Nov 2015 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267995 The court found that there was a 'reasonable cause' for accepting a cash loan under Section 269SS of the Income Tax Act, 1961, as the assessee provided a plausible explanation for the emergent circumstances necessitating the borrowing, which was promptly repaid and accounted for. Additionally, the court considered a wrong statement made by the assessee as a 'reasonable cause' under Section 273B, noting the genuine reasons behind the cash borrowing to clear cheques issued in advance. The court upheld the decisions of the lower authorities, emphasizing the subjective nature of 'reasonable cause' and commercial exigency. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Mon, 05 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267995