https://www.taxtmi.com/caselaws?id=280851 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271D of the Income Tax Act for receiving cash loans in violation of section 269SS. The Tribunal found that the assessee had a reasonable cause for taking the cash loans, as they were obtained in small amounts on different occasions to address urgent business needs from a company where the assessee held a directorial and shareholder position. Citing section 273B and the principle from Hindustan Steel vs. State of Orissa, the Tribunal emphasized that penalties should not be imposed for technical breaches, ultimately deleting the penalty in this case. en-us Thu, 07 Mar 2019 00:00:00 +0530 Thu, 23 May 2019 06:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280851 The Tribunal ruled in favor of the assessee, setting aside the penalty imposed under section 271D of the Income Tax Act for receiving cash loans in violation of section 269SS. The Tribunal found that the assessee had a reasonable cause for taking the cash loans, as they were obtained in small amounts on different occasions to address urgent business needs from a company where the assessee held a directorial and shareholder position. Citing section 273B and the principle from Hindustan Steel vs. State of Orissa, the Tribunal emphasized that penalties should not be imposed for technical breaches, ultimately deleting the penalty in this case. Case-Laws Income Tax Thu, 07 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280851