https://www.taxtmi.com/caselaws?id=346389 The Tribunal found that the assessee's acceptance of loans through book adjustments was due to genuine business needs and a bonafide belief that it did not violate Section 269SS. The Tribunal held that the reasons provided constituted a reasonable cause under Section 273B, granting immunity from the penalty under Section 271D. As a result, the penalty was directed to be deleted, and the appeal by the assessee was allowed. The judgment highlighted that genuine transactions and bonafide explanations could warrant immunity from penalties under Section 273B. en-us Wed, 14 Jun 2017 00:00:00 +0530 Fri, 11 Aug 2017 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346389 The Tribunal found that the assessee's acceptance of loans through book adjustments was due to genuine business needs and a bonafide belief that it did not violate Section 269SS. The Tribunal held that the reasons provided constituted a reasonable cause under Section 273B, granting immunity from the penalty under Section 271D. As a result, the penalty was directed to be deleted, and the appeal by the assessee was allowed. The judgment highlighted that genuine transactions and bonafide explanations could warrant immunity from penalties under Section 273B. Case-Laws Income Tax Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346389