https://www.taxtmi.com/caselaws?id=10450 The Tribunal upheld the cancellation of a penalty under section 271D of the Income-tax Act, 1961, imposed on the respondent-assessee for contravening section 269SS by accepting cash loans. The Commissioner of Income-tax (Appeals) and the Tribunal found a reasonable cause for the violation, accepting the assessee's explanation as bona fide belief. The decision emphasized the importance of proving a reasonable cause for non-compliance with section 269SS provisions, leading to the dismissal of the Revenue's appeal. en-us Tue, 01 Mar 2005 00:00:00 +0530 Wed, 15 Jul 2009 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10450 The Tribunal upheld the cancellation of a penalty under section 271D of the Income-tax Act, 1961, imposed on the respondent-assessee for contravening section 269SS by accepting cash loans. The Commissioner of Income-tax (Appeals) and the Tribunal found a reasonable cause for the violation, accepting the assessee's explanation as bona fide belief. The decision emphasized the importance of proving a reasonable cause for non-compliance with section 269SS provisions, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 01 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10450