https://www.taxtmi.com/highlights?id=47073 Penalty u/s 271D - cash loans from farmer friends - assessee relied on mere oral assertions of urgent requirement of funds without producing any material to establish such assertion - the details of purchase orders required to be executed within time and most significantly did not co-relate the purchases made from such cash loans - no reasonable explanation for failure of Section 269SS - penalty upheld en-us Mon, 10 Jun 2019 06:12:49 +0530 Mon, 10 Jun 2019 06:12:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=47073 Penalty u/s 271D - cash loans from farmer friends - assessee relied on mere oral assertions of urgent requirement of funds without producing any material to establish such assertion - the details of purchase orders required to be executed within time and most significantly did not co-relate the purchases made from such cash loans - no reasonable explanation for failure of Section 269SS - penalty upheld Highlights Income Tax Mon, 10 Jun 2019 06:12:49 +0530 https://www.taxtmi.com/highlights?id=47073