https://www.taxtmi.com/caselaws?id=13586 The High Court upheld the Tribunal's decision to set aside the penalty imposed on the assessee under section 271D for contravening section 269SS of the Income-tax Act. The Court found that the assessee had a reasonable cause for accepting cash deposits below Rs. 20,000, believing it was permissible for immediate business needs. Despite the lack of sufficient proof for the reason behind accepting cash, the Court deemed the assessee's belief as a reasonable cause under section 273B, dismissing the Revenue's appeal for not raising any substantial question of law. en-us Mon, 30 Apr 2007 00:00:00 +0530 Fri, 29 May 2009 18:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13586 The High Court upheld the Tribunal's decision to set aside the penalty imposed on the assessee under section 271D for contravening section 269SS of the Income-tax Act. The Court found that the assessee had a reasonable cause for accepting cash deposits below Rs. 20,000, believing it was permissible for immediate business needs. Despite the lack of sufficient proof for the reason behind accepting cash, the Court deemed the assessee's belief as a reasonable cause under section 273B, dismissing the Revenue's appeal for not raising any substantial question of law. Case-Laws Income Tax Mon, 30 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13586