https://www.taxtmi.com/caselaws?id=361167 The High Court upheld the penalties imposed under Sections 271E and 271D of the Income Tax Act, 1961, on the assessee for repaying loans exceeding Rs. 20,00,000/- in cash, violating statutory provisions mandating transactions above Rs. 20,000/- through account payee cheques or bank drafts. The court rejected the assessee's claims of reasonable cause and inconsistency with previous orders, affirming the penalties due to deliberate non-compliance with the law. The appeals were dismissed, and the penalties were upheld, emphasizing adherence to statutory provisions and dismissing claims of ignorance or exigency. en-us Tue, 13 Mar 2018 00:00:00 +0530 Thu, 31 May 2018 09:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361167 The High Court upheld the penalties imposed under Sections 271E and 271D of the Income Tax Act, 1961, on the assessee for repaying loans exceeding Rs. 20,00,000/- in cash, violating statutory provisions mandating transactions above Rs. 20,000/- through account payee cheques or bank drafts. The court rejected the assessee's claims of reasonable cause and inconsistency with previous orders, affirming the penalties due to deliberate non-compliance with the law. The appeals were dismissed, and the penalties were upheld, emphasizing adherence to statutory provisions and dismissing claims of ignorance or exigency. Case-Laws Income Tax Tue, 13 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361167