https://www.taxtmi.com/caselaws?id=288680 The High Court upheld the penalty imposed under Section 271D of the Income Tax Act, confirming that the assessee failed to prove any compelling circumstance for accepting cash deposits, as required by Section 273B. Despite arguments of bonafide transactions and genuine deposits, the court found no reasonable cause for the cash transactions exceeding the permissible limit. The appeal was dismissed, and the penalty was upheld. en-us Wed, 08 May 2019 00:00:00 +0530 Tue, 23 Jun 2020 09:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288680 The High Court upheld the penalty imposed under Section 271D of the Income Tax Act, confirming that the assessee failed to prove any compelling circumstance for accepting cash deposits, as required by Section 273B. Despite arguments of bonafide transactions and genuine deposits, the court found no reasonable cause for the cash transactions exceeding the permissible limit. The appeal was dismissed, and the penalty was upheld. Case-Laws Income Tax Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288680