https://www.taxtmi.com/caselaws?id=185547 The appeal was allowed, and the penalty imposed under section 271D of the Income Tax Act was deleted. The court found that the cash loans received beyond the prescribed limit under section 269SS were essential for meeting a business exigency, as they were used to make a payment crucial for the business. The loans were received before the cheque for the payment was encashed, indicating a reasonable cause for accepting the cash loans. Consequently, the penalty was overturned, and the deletion of penalty was ordered on 31st July 2013. en-us Wed, 31 Jul 2013 00:00:00 +0530 Fri, 19 Aug 2016 11:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185547 The appeal was allowed, and the penalty imposed under section 271D of the Income Tax Act was deleted. The court found that the cash loans received beyond the prescribed limit under section 269SS were essential for meeting a business exigency, as they were used to make a payment crucial for the business. The loans were received before the cheque for the payment was encashed, indicating a reasonable cause for accepting the cash loans. Consequently, the penalty was overturned, and the deletion of penalty was ordered on 31st July 2013. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185547