https://www.taxtmi.com/caselaws?id=347880 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under Section 271D of the Income Tax Act. The Tribunal found that the loans taken in cash were genuine, obtained in urgent circumstances to honor cheques, and were from individuals regularly assessed to tax. Relying on legal precedents, the Tribunal concluded that there was a reasonable cause for accepting the loans in cash, leading to the deletion of the penalty initially confirmed by the CIT(A). en-us Tue, 25 Jul 2017 00:00:00 +0530 Wed, 13 Sep 2017 08:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347880 The Tribunal allowed the appeal of the assessee, deleting the penalty imposed under Section 271D of the Income Tax Act. The Tribunal found that the loans taken in cash were genuine, obtained in urgent circumstances to honor cheques, and were from individuals regularly assessed to tax. Relying on legal precedents, the Tribunal concluded that there was a reasonable cause for accepting the loans in cash, leading to the deletion of the penalty initially confirmed by the CIT(A). Case-Laws Income Tax Tue, 25 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347880