https://www.taxtmi.com/caselaws?id=345542 The Tribunal upheld penalties under Section 271D for contravention of Section 269SS of the Income Tax Act for the assessment years 2006-07 and 2007-08. The penalties were confirmed due to insufficient justification provided by the assessee for accepting loans in cash/bearer cheques, with only partial relief granted for certain amounts accepted through banking channels or from close relatives. The Tribunal found that the reasons presented did not meet the criteria for a reasonable cause under Section 273B, resulting in penalties being upheld for the unexplained amounts. en-us Tue, 08 Nov 2016 00:00:00 +0530 Thu, 20 Jul 2017 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345542 The Tribunal upheld penalties under Section 271D for contravention of Section 269SS of the Income Tax Act for the assessment years 2006-07 and 2007-08. The penalties were confirmed due to insufficient justification provided by the assessee for accepting loans in cash/bearer cheques, with only partial relief granted for certain amounts accepted through banking channels or from close relatives. The Tribunal found that the reasons presented did not meet the criteria for a reasonable cause under Section 273B, resulting in penalties being upheld for the unexplained amounts. Case-Laws Income Tax Tue, 08 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345542