https://www.taxtmi.com/caselaws?id=386754 The ITAT upheld the penalty under section 271E of the Income Tax Act for Assessment Year 2009-2010, ruling against the appellant's argument of cash transactions being necessitated by business requirements. Despite citing business exigencies, the ITAT found collusion with the lender for tax evasion, rejecting prior tribunal decisions and case law reliance. The penalty imposition was confirmed based on inadequate explanation for cash repayments, leading to the dismissal of the appeal. en-us Tue, 20 Aug 2019 00:00:00 +0530 Mon, 07 Oct 2019 21:58:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386754 The ITAT upheld the penalty under section 271E of the Income Tax Act for Assessment Year 2009-2010, ruling against the appellant's argument of cash transactions being necessitated by business requirements. Despite citing business exigencies, the ITAT found collusion with the lender for tax evasion, rejecting prior tribunal decisions and case law reliance. The penalty imposition was confirmed based on inadequate explanation for cash repayments, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 20 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386754