https://www.taxtmi.com/caselaws?id=10786 The High Court upheld the Appellate Tribunal's decision to quash the penalty imposed on the assessee for contravening sections 269SS and 271D of the Income-tax Act, 1961. The Tribunal found a reasonable cause for borrowing cash, accepting the explanation that the funds were intended for safekeeping and business purposes. The High Court emphasized limited interference in factual findings, following Supreme Court precedent, and dismissed the appeals due to the absence of a substantial question of law. The case was closed accordingly. en-us Thu, 24 Feb 2005 00:00:00 +0530 Sat, 25 Jul 2009 09:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10786 The High Court upheld the Appellate Tribunal's decision to quash the penalty imposed on the assessee for contravening sections 269SS and 271D of the Income-tax Act, 1961. The Tribunal found a reasonable cause for borrowing cash, accepting the explanation that the funds were intended for safekeeping and business purposes. The High Court emphasized limited interference in factual findings, following Supreme Court precedent, and dismissed the appeals due to the absence of a substantial question of law. The case was closed accordingly. Case-Laws Income Tax Thu, 24 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10786