https://www.taxtmi.com/caselaws?id=11596 Section 269SS and section 271D were applied together to determine the proper basis for penalty where a loan transaction exceeded the cash threshold. The Court accepted that, while penalty is attracted for non-compliance with section 269SS, the permissible amount of Rs. 20,000 must be adjusted in computing the penalty. It also treated the Tribunal's direction to remand the matter for fresh calculation after giving the assessee a reasonable opportunity of being heard as legally valid. The order was therefore upheld, and no interference was called for. en-us Thu, 23 Jan 2003 00:00:00 +0530 Sun, 31 Jan 2010 12:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11596 Section 269SS and section 271D were applied together to determine the proper basis for penalty where a loan transaction exceeded the cash threshold. The Court accepted that, while penalty is attracted for non-compliance with section 269SS, the permissible amount of Rs. 20,000 must be adjusted in computing the penalty. It also treated the Tribunal's direction to remand the matter for fresh calculation after giving the assessee a reasonable opportunity of being heard as legally valid. The order was therefore upheld, and no interference was called for. Case-Laws Income Tax Thu, 23 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11596