https://www.taxtmi.com/caselaws?id=357766 The appeal was dismissed as the court found that the respondent assessee had a reasonable cause for accepting cash deposits exceeding the limit under section 269 SS of the Income Tax Act. The court held that the assessee genuinely believed the advice given by their auditor that the section was not applicable due to the nature of their business. This belief was considered a bona fide one, falling within the realm of reasonable cause under section 271 D for penalty proceedings. As no substantial question of law arose, the appeal was dismissed based on the concurrent appreciation of the explanations provided by the Tribunal and the Commissioner (Appeals). en-us Tue, 27 Feb 2018 00:00:00 +0530 Thu, 29 Mar 2018 11:07:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357766 The appeal was dismissed as the court found that the respondent assessee had a reasonable cause for accepting cash deposits exceeding the limit under section 269 SS of the Income Tax Act. The court held that the assessee genuinely believed the advice given by their auditor that the section was not applicable due to the nature of their business. This belief was considered a bona fide one, falling within the realm of reasonable cause under section 271 D for penalty proceedings. As no substantial question of law arose, the appeal was dismissed based on the concurrent appreciation of the explanations provided by the Tribunal and the Commissioner (Appeals). Case-Laws Income Tax Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357766