https://www.taxtmi.com/caselaws?id=424670 HC upheld deletion of penalty under s.271D imposed for alleged default under s.269SS. The assessee had taken cash loans from related partnership firms controlled by its directors and family members; the genuineness and purpose (e.g., payroll/site payments) were accepted by CIT(A) and ITAT as reasonable. The Court found no infirmity in those findings and affirmed that the explanation constituted reasonable cause for cash advances, allowing the appeal in favour of the assessee. en-us Thu, 30 Jun 2022 00:00:00 +0530 Thu, 13 Nov 2025 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424670 HC upheld deletion of penalty under s.271D imposed for alleged default under s.269SS. The assessee had taken cash loans from related partnership firms controlled by its directors and family members; the genuineness and purpose (e.g., payroll/site payments) were accepted by CIT(A) and ITAT as reasonable. The Court found no infirmity in those findings and affirmed that the explanation constituted reasonable cause for cash advances, allowing the appeal in favour of the assessee. Case-Laws Income Tax Thu, 30 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424670