https://www.taxtmi.com/caselaws?id=350056 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to cancel the penalty imposed under section 271D, considering the business exigency and reasonable cause for accepting the cash loan due to exceeding the overdraft limit and the immediate need to meet commitments after a dishonored cheque. The Tribunal found no fault in the decision and dismissed the revenue's appeal, emphasizing that the cash loan was taken for business expediency and reasonable cause, ultimately leading to the cancellation of the penalty. en-us Wed, 18 Oct 2017 00:00:00 +0530 Mon, 30 Oct 2017 08:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350056 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to cancel the penalty imposed under section 271D, considering the business exigency and reasonable cause for accepting the cash loan due to exceeding the overdraft limit and the immediate need to meet commitments after a dishonored cheque. The Tribunal found no fault in the decision and dismissed the revenue's appeal, emphasizing that the cash loan was taken for business expediency and reasonable cause, ultimately leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 18 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350056