https://www.taxtmi.com/caselaws?id=283508 The High Court of Karnataka addressed the penalty imposed under Section 271D of the Income Tax Act on an educational institution for raising cash loans. The Court considered the urgency and necessity of the cash loans for specific payments related to the institution's operations. Finding the explanations provided adequate, the Court ruled in favor of the institution, setting aside the penalty imposed by the authorities and emphasizing the essential nature of the cash loans for time-sensitive transactions. en-us Fri, 28 Nov 2014 00:00:00 +0530 Thu, 26 Sep 2019 11:15:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283508 The High Court of Karnataka addressed the penalty imposed under Section 271D of the Income Tax Act on an educational institution for raising cash loans. The Court considered the urgency and necessity of the cash loans for specific payments related to the institution's operations. Finding the explanations provided adequate, the Court ruled in favor of the institution, setting aside the penalty imposed by the authorities and emphasizing the essential nature of the cash loans for time-sensitive transactions. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283508