https://www.taxtmi.com/caselaws?id=289317 The Tribunal upheld the CIT(A)'s decision, ruling that there was a reasonable cause for accepting cash loans due to urgent business needs. The Tribunal found the transactions genuine, recorded in the books, and accepted the explanation provided by the assessee. Referring to precedent, the Tribunal held that penalties under sections 271D and 271E are not applicable in cases with reasonable cause for violating sections 269SS and 269T. Consequently, the Tribunal dismissed the Revenue's appeals, confirming the deletion of the penalty under section 271D. en-us Tue, 22 Jul 2014 00:00:00 +0530 Sat, 25 Jul 2020 08:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289317 The Tribunal upheld the CIT(A)'s decision, ruling that there was a reasonable cause for accepting cash loans due to urgent business needs. The Tribunal found the transactions genuine, recorded in the books, and accepted the explanation provided by the assessee. Referring to precedent, the Tribunal held that penalties under sections 271D and 271E are not applicable in cases with reasonable cause for violating sections 269SS and 269T. Consequently, the Tribunal dismissed the Revenue's appeals, confirming the deletion of the penalty under section 271D. Case-Laws Income Tax Tue, 22 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289317