https://www.taxtmi.com/caselaws?id=438070 The Tribunal upheld the penalty of Rs. 13,25,000 imposed on the assessee under Section 271D for contravening Section 269SS by accepting cash loans exceeding the prescribed limit. Despite the assessee's arguments of genuine transactions and business exigencies, the Tribunal emphasized that Section 269SS does not exempt genuine transactions from penalty and found no reasonable cause for accepting cash loans. The appeal was dismissed, affirming the penalty based on the literal interpretation of the law. en-us Fri, 19 May 2023 00:00:00 +0530 Mon, 22 May 2023 08:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438070 The Tribunal upheld the penalty of Rs. 13,25,000 imposed on the assessee under Section 271D for contravening Section 269SS by accepting cash loans exceeding the prescribed limit. Despite the assessee's arguments of genuine transactions and business exigencies, the Tribunal emphasized that Section 269SS does not exempt genuine transactions from penalty and found no reasonable cause for accepting cash loans. The appeal was dismissed, affirming the penalty based on the literal interpretation of the law. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438070