https://www.taxtmi.com/caselaws?id=367880 The ITAT Mumbai allowed the appeal, revoking the penalty imposed under section 271D of the Income Tax Act, 1961. The tribunal found that there was a reasonable cause for the default in complying with section 269SS, as the company had urgently needed a loan for stamp duty payment related to a real estate project and had taken it from directors due to the lack of alternative funds. The tribunal considered the evidence presented, including bank statements and the sale deed, and concluded that the urgent need justified the cash loan, leading to the deletion of the penalty. en-us Wed, 27 Jun 2018 00:00:00 +0530 Thu, 27 Sep 2018 06:49:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367880 The ITAT Mumbai allowed the appeal, revoking the penalty imposed under section 271D of the Income Tax Act, 1961. The tribunal found that there was a reasonable cause for the default in complying with section 269SS, as the company had urgently needed a loan for stamp duty payment related to a real estate project and had taken it from directors due to the lack of alternative funds. The tribunal considered the evidence presented, including bank statements and the sale deed, and concluded that the urgent need justified the cash loan, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367880