https://www.taxtmi.com/caselaws?id=368086 The Tribunal partly allowed the appeal, finding the assessee had a reasonable cause for non-compliance with section 269T. It held that the penalty under section 271E was not sustainable, emphasizing the impracticality of repaying loans through specified modes when funds were utilized for business purposes, deeming repayment an "empty formality." en-us Tue, 25 Sep 2018 00:00:00 +0530 Mon, 01 Oct 2018 09:14:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368086 The Tribunal partly allowed the appeal, finding the assessee had a reasonable cause for non-compliance with section 269T. It held that the penalty under section 271E was not sustainable, emphasizing the impracticality of repaying loans through specified modes when funds were utilized for business purposes, deeming repayment an "empty formality." Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368086