https://www.taxtmi.com/caselaws?id=341747 The tribunal upheld penalties under Sections 271D and 271E of the Income Tax Act, 1961 against the petrol pump operator for accepting and repaying loans in cash exceeding prescribed limits. The penalties were deemed justified as the transactions violated Sections 269SS and 269T, with the aggregate amounts exceeding the limit. The tribunal found no reasonable cause for non-compliance and dismissed the appeals, affirming the penalty orders issued by the Commissioner of Income Tax (Appeals). The orders were pronounced on 07.04.2017 in Chennai. en-us Fri, 07 Apr 2017 00:00:00 +0530 Fri, 14 Apr 2017 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341747 The tribunal upheld penalties under Sections 271D and 271E of the Income Tax Act, 1961 against the petrol pump operator for accepting and repaying loans in cash exceeding prescribed limits. The penalties were deemed justified as the transactions violated Sections 269SS and 269T, with the aggregate amounts exceeding the limit. The tribunal found no reasonable cause for non-compliance and dismissed the appeals, affirming the penalty orders issued by the Commissioner of Income Tax (Appeals). The orders were pronounced on 07.04.2017 in Chennai. Case-Laws Income Tax Fri, 07 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341747