https://www.taxtmi.com/caselaws?id=404237 The Tribunal upheld the penalty imposed under Section 271D of the Income Tax Act for violating Section 269SS by accepting cash loans exceeding Rs. 20,000. The assessee's argument of business expediency for cash transactions was rejected, as no reasonable cause was established. The Tribunal found that the transactions did not merit immunity under Section 273B and upheld the penalty of Rs. 85,98,257, overturning the CIT(A)'s decision to delete the penalty. The Revenue's appeal was successful, and the penalty was confirmed. en-us Tue, 16 Feb 2021 00:00:00 +0530 Fri, 19 Feb 2021 10:36:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404237 The Tribunal upheld the penalty imposed under Section 271D of the Income Tax Act for violating Section 269SS by accepting cash loans exceeding Rs. 20,000. The assessee's argument of business expediency for cash transactions was rejected, as no reasonable cause was established. The Tribunal found that the transactions did not merit immunity under Section 273B and upheld the penalty of Rs. 85,98,257, overturning the CIT(A)'s decision to delete the penalty. The Revenue's appeal was successful, and the penalty was confirmed. Case-Laws Income Tax Tue, 16 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404237