https://www.taxtmi.com/caselaws?id=381367 The Court upheld the penalty imposed under Section 271D of the Income Tax Act, 1961 for the assessment year 2008-09, finding that the appellant failed to establish a reasonable cause for breaching Section 269SS. Despite the appellant's claims of urgent fund requirements for purchasing materials, the Tribunal deemed the explanation lacking material evidence and upheld the penalty. The Court emphasized the importance of substantiating claims with evidence to avoid penalties, ultimately dismissing the Income Tax Appeals and affirming the penalty under Section 271D. en-us Mon, 03 Jun 2019 00:00:00 +0530 Sat, 29 Jun 2019 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381367 The Court upheld the penalty imposed under Section 271D of the Income Tax Act, 1961 for the assessment year 2008-09, finding that the appellant failed to establish a reasonable cause for breaching Section 269SS. Despite the appellant's claims of urgent fund requirements for purchasing materials, the Tribunal deemed the explanation lacking material evidence and upheld the penalty. The Court emphasized the importance of substantiating claims with evidence to avoid penalties, ultimately dismissing the Income Tax Appeals and affirming the penalty under Section 271D. Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381367