https://www.taxtmi.com/caselaws?id=293562 The Tribunal allowed the appeal against the penalty imposed under section 271D of the Income Tax Act for accepting a cash loan exceeding the prescribed limit. The Tribunal considered the genuine nature of the transaction and the reasonable cause for accepting the cash loan, directing the Assessing Officer to delete the penalty. Previous court decisions were cited to emphasize that penalties should not be imposed for genuine mistakes or when there is a valid explanation for non-compliance with the relevant sections. en-us Thu, 15 Sep 2011 00:00:00 +0530 Thu, 18 Feb 2021 13:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293562 The Tribunal allowed the appeal against the penalty imposed under section 271D of the Income Tax Act for accepting a cash loan exceeding the prescribed limit. The Tribunal considered the genuine nature of the transaction and the reasonable cause for accepting the cash loan, directing the Assessing Officer to delete the penalty. Previous court decisions were cited to emphasize that penalties should not be imposed for genuine mistakes or when there is a valid explanation for non-compliance with the relevant sections. Case-Laws Income Tax Thu, 15 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293562