https://www.taxtmi.com/caselaws?id=351479 The court upheld penalties imposed on an assessee for cash loans exceeding the statutory limit of Rs. 20,000 under Sections 269SS and 271-D of the Income Tax Act. The Commissioner partially allowed the appeal, reducing penalties for loans taken on weekends but upholding penalties for loans taken on weekdays. The Tribunal affirmed penalties for weekday loans but deleted penalties for weekend loans. The court emphasized the mandatory nature of the provisions and ruled in favor of the revenue, dismissing the appeal and affirming penalties for non-compliance with the cash loan limit. en-us Wed, 22 Nov 2017 00:00:00 +0530 Sat, 25 Nov 2017 08:07:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351479 The court upheld penalties imposed on an assessee for cash loans exceeding the statutory limit of Rs. 20,000 under Sections 269SS and 271-D of the Income Tax Act. The Commissioner partially allowed the appeal, reducing penalties for loans taken on weekends but upholding penalties for loans taken on weekdays. The Tribunal affirmed penalties for weekday loans but deleted penalties for weekend loans. The court emphasized the mandatory nature of the provisions and ruled in favor of the revenue, dismissing the appeal and affirming penalties for non-compliance with the cash loan limit. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351479