https://www.taxtmi.com/caselaws?id=200674 The High Court upheld the imposition of the penalty under section 271D, ruling against the assessee and dismissing the appeal in favor of the Revenue. The court found that the factual findings did not support the presence of any reasonable cause for the violation of provisions related to cash deposits, emphasizing the seriousness of the breach and lack of genuine urgency in accepting the cash deposits. The decision aligned with a recent Supreme Court judgment, affirming the penalty imposed by the Tribunal. en-us Fri, 25 Jan 2008 00:00:00 +0530 Thu, 12 Apr 2018 10:18:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200674 The High Court upheld the imposition of the penalty under section 271D, ruling against the assessee and dismissing the appeal in favor of the Revenue. The court found that the factual findings did not support the presence of any reasonable cause for the violation of provisions related to cash deposits, emphasizing the seriousness of the breach and lack of genuine urgency in accepting the cash deposits. The decision aligned with a recent Supreme Court judgment, affirming the penalty imposed by the Tribunal. Case-Laws Income Tax Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200674