https://www.taxtmi.com/caselaws?id=11299 Penalty for accepting cash loans in breach of section 269SS was deleted because the Tribunal found reasonable cause on the facts: the cash receipts were connected to timely clearing of cheques, the assessee had insufficient bank balance, and the conduct was bona fide. The High Court found no perversity or irrationality in that factual appreciation and accepted that any breach was, at most, venial. It held that these findings did not give rise to a substantial question of law under section 260A, so the Revenue's challenge failed and the penalty deletion was upheld. en-us Tue, 26 Nov 2002 00:00:00 +0530 Thu, 06 Aug 2009 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11299 Penalty for accepting cash loans in breach of section 269SS was deleted because the Tribunal found reasonable cause on the facts: the cash receipts were connected to timely clearing of cheques, the assessee had insufficient bank balance, and the conduct was bona fide. The High Court found no perversity or irrationality in that factual appreciation and accepted that any breach was, at most, venial. It held that these findings did not give rise to a substantial question of law under section 260A, so the Revenue's challenge failed and the penalty deletion was upheld. Case-Laws Income Tax Tue, 26 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11299