https://www.taxtmi.com/caselaws?id=374734 The Appellate Tribunal upheld the penalty imposed under section 271D of the Income Tax Act on the assessee for accepting an unsecured cash loan in violation of the law. Despite the assessee's argument that the cash received was a business advance, the Tribunal found insufficient evidence to support this claim. The Tribunal concluded that the assessee failed to establish a valid business reason for the transaction and did not prove that the cash advance was utilized for business purposes. Consequently, the appeal was dismissed, and the penalty of Rs. 9,75,000 was upheld. en-us Mon, 04 Feb 2019 00:00:00 +0530 Thu, 07 Feb 2019 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374734 The Appellate Tribunal upheld the penalty imposed under section 271D of the Income Tax Act on the assessee for accepting an unsecured cash loan in violation of the law. Despite the assessee's argument that the cash received was a business advance, the Tribunal found insufficient evidence to support this claim. The Tribunal concluded that the assessee failed to establish a valid business reason for the transaction and did not prove that the cash advance was utilized for business purposes. Consequently, the appeal was dismissed, and the penalty of Rs. 9,75,000 was upheld. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374734