https://www.taxtmi.com/caselaws?id=361071 The Tribunal allowed the appeals of the assessee, deleting the penalties imposed under sections 271D and 271E of the Income Tax Act. The Tribunal found that the assessee had demonstrated a reasonable cause for accepting and repaying loans in cash due to financial crises and genuine business exigencies, supported by precedents. It was concluded that the penalties were unjustified in light of the circumstances presented by the assessee. en-us Tue, 22 May 2018 00:00:00 +0530 Tue, 29 May 2018 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361071 The Tribunal allowed the appeals of the assessee, deleting the penalties imposed under sections 271D and 271E of the Income Tax Act. The Tribunal found that the assessee had demonstrated a reasonable cause for accepting and repaying loans in cash due to financial crises and genuine business exigencies, supported by precedents. It was concluded that the penalties were unjustified in light of the circumstances presented by the assessee. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361071