https://www.taxtmi.com/caselaws?id=369057 The Tribunal allowed the appeals, canceling penalties under Sections 271D and 271E of the Income Tax Act. The penalties were imposed for accepting loans in cash and repaying loans in cash, respectively. The Tribunal found reasonable cause in both cases: business exigency for accepting loans and medical emergencies for repaying loans. The penalties were canceled based on exemptions provided under Section 273B for reasonable causes. The final judgment was pronounced on 5th September 2018, dismissing the stay applications filed by the assessee. en-us Wed, 05 Sep 2018 00:00:00 +0530 Thu, 18 Oct 2018 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369057 The Tribunal allowed the appeals, canceling penalties under Sections 271D and 271E of the Income Tax Act. The penalties were imposed for accepting loans in cash and repaying loans in cash, respectively. The Tribunal found reasonable cause in both cases: business exigency for accepting loans and medical emergencies for repaying loans. The penalties were canceled based on exemptions provided under Section 273B for reasonable causes. The final judgment was pronounced on 5th September 2018, dismissing the stay applications filed by the assessee. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369057