https://www.taxtmi.com/caselaws?id=178118 The Tribunal allowed the appeal against the CIT (Appeals) V, Hyderabad, for the assessment year 2003-04. The Tribunal found that the assessee had valid reasons for obtaining cash loans promptly used for essential business purposes, justifying deviation from banking channels. Emphasizing the urgency faced by the assessee in meeting salary obligations, the Tribunal deemed the penalty under sec. 271D unjustified and set it aside under sec. 273B. The decision underscored the significance of timely salary payments for business operations and recognized the genuine need for immediate funds in certain circumstances. en-us Fri, 20 Nov 2009 00:00:00 +0530 Thu, 28 Jan 2016 16:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178118 The Tribunal allowed the appeal against the CIT (Appeals) V, Hyderabad, for the assessment year 2003-04. The Tribunal found that the assessee had valid reasons for obtaining cash loans promptly used for essential business purposes, justifying deviation from banking channels. Emphasizing the urgency faced by the assessee in meeting salary obligations, the Tribunal deemed the penalty under sec. 271D unjustified and set it aside under sec. 273B. The decision underscored the significance of timely salary payments for business operations and recognized the genuine need for immediate funds in certain circumstances. Case-Laws Income Tax Fri, 20 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178118