https://www.taxtmi.com/caselaws?id=346668 Acceptance of deposits otherwise than by account payee cheque or draft was found to fall within the mischief of Section 269-SS because the amounts were recorded as deposits and were not shown to have been received through the banking channel. Once that statutory breach was established, penalty under Section 271-D operated mandatorily unless reasonable cause under Section 273-B was proved. No such reasonable cause was shown, so deletion of the penalty was unjustified and the assessee remained liable. en-us Thu, 27 Jul 2017 00:00:00 +0530 Mon, 08 Aug 2022 15:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346668 Acceptance of deposits otherwise than by account payee cheque or draft was found to fall within the mischief of Section 269-SS because the amounts were recorded as deposits and were not shown to have been received through the banking channel. Once that statutory breach was established, penalty under Section 271-D operated mandatorily unless reasonable cause under Section 273-B was proved. No such reasonable cause was shown, so deletion of the penalty was unjustified and the assessee remained liable. Case-Laws Income Tax Thu, 27 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346668