https://www.taxtmi.com/caselaws?id=326014 The Tribunal held that the penalty order under Section 271D of the Income-tax Act was not time-barred as it was within the prescribed limit. The penalty levied under Section 271D was deemed justified due to the lack of reasonable cause for accepting cash loans exceeding the limit. However, the penalty under Section 271E was found unjustified as the repayments were made under specific circumstances not falling under the applicable provisions. Consequently, the appeal on Section 271D penalty was dismissed, upholding the penalty, while the appeal on Section 271E penalty was partly allowed, nullifying the penalty. en-us Fri, 01 Apr 2016 00:00:00 +0530 Sat, 30 Apr 2016 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326014 The Tribunal held that the penalty order under Section 271D of the Income-tax Act was not time-barred as it was within the prescribed limit. The penalty levied under Section 271D was deemed justified due to the lack of reasonable cause for accepting cash loans exceeding the limit. However, the penalty under Section 271E was found unjustified as the repayments were made under specific circumstances not falling under the applicable provisions. Consequently, the appeal on Section 271D penalty was dismissed, upholding the penalty, while the appeal on Section 271E penalty was partly allowed, nullifying the penalty. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326014