https://www.taxtmi.com/caselaws?id=386365 The Tribunal allowed both appeals, deleting the quantum addition of Rs. 8,00,000 under Section 68 of the Income Tax Act and the penalty under Section 271D. The Tribunal concluded that the addition based on draft agreements was unjustified due to lack of evidence supporting their execution, and found a reasonable cause for accepting cash loans in the urgent need to pay occupants to vacate a property, as shown in the cash book. en-us Wed, 28 Aug 2019 00:00:00 +0530 Thu, 26 Sep 2019 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386365 The Tribunal allowed both appeals, deleting the quantum addition of Rs. 8,00,000 under Section 68 of the Income Tax Act and the penalty under Section 271D. The Tribunal concluded that the addition based on draft agreements was unjustified due to lack of evidence supporting their execution, and found a reasonable cause for accepting cash loans in the urgent need to pay occupants to vacate a property, as shown in the cash book. Case-Laws Income Tax Wed, 28 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386365