https://www.taxtmi.com/caselaws?id=385574 The penalty of Rs. 20,24,50,000 imposed under Section 271D of the Income Tax Act, 1961, was deleted as it was found that the loans in question were received through banking channels and not in cash, thereby not violating Section 269SS of the Act. The appellate authority accepted additional evidence showing that the loans were legitimate, leading to the conclusion that the penalty was unjustified and should be removed. en-us Fri, 30 Aug 2019 00:00:00 +0530 Mon, 09 Sep 2019 08:12:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385574 The penalty of Rs. 20,24,50,000 imposed under Section 271D of the Income Tax Act, 1961, was deleted as it was found that the loans in question were received through banking channels and not in cash, thereby not violating Section 269SS of the Act. The appellate authority accepted additional evidence showing that the loans were legitimate, leading to the conclusion that the penalty was unjustified and should be removed. Case-Laws Income Tax Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385574