https://www.taxtmi.com/caselaws?id=272979 The appeal was dismissed by the Court, upholding the penalty on the assessee for accepting cash loans exceeding the limit specified in section 269-SS of the Income Tax Act, 1961. The Tribunal's decision to reinstate the penalty for loans from various financiers while deleting the penalty for loans from the HUF of partners was upheld. The Court found that all loan transactions were genuine, and valid reasons were provided for accepting cash loans due to urgent business requirements, in line with the provisions of section 273B allowing for penalty waiver under certain circumstances. en-us Tue, 22 Feb 2011 00:00:00 +0530 Tue, 29 May 2018 13:02:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272979 The appeal was dismissed by the Court, upholding the penalty on the assessee for accepting cash loans exceeding the limit specified in section 269-SS of the Income Tax Act, 1961. The Tribunal's decision to reinstate the penalty for loans from various financiers while deleting the penalty for loans from the HUF of partners was upheld. The Court found that all loan transactions were genuine, and valid reasons were provided for accepting cash loans due to urgent business requirements, in line with the provisions of section 273B allowing for penalty waiver under certain circumstances. Case-Laws Income Tax Tue, 22 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272979