https://www.taxtmi.com/caselaws?id=364257 The Court upheld penalties imposed under Section 271D for breaches of Section 269SS, except for loans of 20,000 or less received in cash. It remanded the issue to verify lenders' status and banking facilities. Penalties related to specific loan amounts were also remanded. The Court found the Tribunal's order reasonable, considering 'reasonable cause' under Section 273B. Penalties were upheld where no reasonable cause was shown. It dismissed appeals challenging the penalties, finding no substantial legal issues and no costs were awarded. en-us Wed, 18 Jul 2018 00:00:00 +0530 Wed, 25 Jul 2018 07:47:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364257 The Court upheld penalties imposed under Section 271D for breaches of Section 269SS, except for loans of 20,000 or less received in cash. It remanded the issue to verify lenders' status and banking facilities. Penalties related to specific loan amounts were also remanded. The Court found the Tribunal's order reasonable, considering 'reasonable cause' under Section 273B. Penalties were upheld where no reasonable cause was shown. It dismissed appeals challenging the penalties, finding no substantial legal issues and no costs were awarded. Case-Laws Income Tax Wed, 18 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364257