https://www.taxtmi.com/caselaws?id=278092 The Tribunal upheld the penalty under section 271D of the Income Tax Act, ruling that the assessee failed to substantiate the urgent necessity for receiving loans in cash. Despite the assessee's arguments of reasonable cause, the Tribunal found no evidence of emergency or pressure from creditors, distinguishing the case from precedents. With insufficient proof of urgency, the Tribunal affirmed the penalty imposed by the ld. CIT(A) under section 271D, dismissing the appeal. en-us Fri, 26 May 2017 00:00:00 +0530 Wed, 09 Jan 2019 06:32:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278092 The Tribunal upheld the penalty under section 271D of the Income Tax Act, ruling that the assessee failed to substantiate the urgent necessity for receiving loans in cash. Despite the assessee's arguments of reasonable cause, the Tribunal found no evidence of emergency or pressure from creditors, distinguishing the case from precedents. With insufficient proof of urgency, the Tribunal affirmed the penalty imposed by the ld. CIT(A) under section 271D, dismissing the appeal. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278092