https://www.taxtmi.com/caselaws?id=364006 The Tribunal upheld the penalty of Rs. 2.00 lakhs imposed under Section 271D of the Income Tax Act for accepting cash loans in violation of Section 269SS during the assessment year 2008-09. The assessee failed to establish a reasonable cause for the transactions, as urgent business needs were not adequately supported by evidence. The appeal was dismissed, emphasizing the necessity for both the genuineness of the transaction and a bona fide reason for not using account payee cheques or bank drafts to avoid penalties under the Act. en-us Wed, 13 Jun 2018 00:00:00 +0530 Wed, 08 Aug 2018 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364006 The Tribunal upheld the penalty of Rs. 2.00 lakhs imposed under Section 271D of the Income Tax Act for accepting cash loans in violation of Section 269SS during the assessment year 2008-09. The assessee failed to establish a reasonable cause for the transactions, as urgent business needs were not adequately supported by evidence. The appeal was dismissed, emphasizing the necessity for both the genuineness of the transaction and a bona fide reason for not using account payee cheques or bank drafts to avoid penalties under the Act. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364006