https://www.taxtmi.com/caselaws?id=269249 The ITAT upheld the penalty under section 271D of the Income Tax Act, 1961 for the assessment year 2007-08. The penalty was imposed on the assessee for accepting a cash loan exceeding the prescribed limit, violating section 269SS of the Act. Despite the assessee's arguments that the transaction was genuine and not involving unaccounted money, the ITAT ruled that the penalty was justified as the cash loan exceeded the limit set by the law. The appeal was dismissed, affirming the decision of the Commissioner (Appeals) to uphold the penalty. en-us Fri, 09 Oct 2015 00:00:00 +0530 Fri, 11 Dec 2015 08:22:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269249 The ITAT upheld the penalty under section 271D of the Income Tax Act, 1961 for the assessment year 2007-08. The penalty was imposed on the assessee for accepting a cash loan exceeding the prescribed limit, violating section 269SS of the Act. Despite the assessee's arguments that the transaction was genuine and not involving unaccounted money, the ITAT ruled that the penalty was justified as the cash loan exceeded the limit set by the law. The appeal was dismissed, affirming the decision of the Commissioner (Appeals) to uphold the penalty. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269249