https://www.taxtmi.com/highlights?id=69897 Levy of penalty u/s 271D - accepting cash loans and advances beyond the prescribed limit - The pleading of assessee that the cash was required to meet urgent business requirements is also negated by the findings of fact by the AO that the assessee had sufficient funds in its banks accounts on the day it took cash loans from the directors and the days on which the expenses were made were bank working days - Additions confirmed - AT en-us Mon, 22 May 2023 08:58:40 +0530 Mon, 22 May 2023 08:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=69897 Levy of penalty u/s 271D - accepting cash loans and advances beyond the prescribed limit - The pleading of assessee that the cash was required to meet urgent business requirements is also negated by the findings of fact by the AO that the assessee had sufficient funds in its banks accounts on the day it took cash loans from the directors and the days on which the expenses were made were bank working days - Additions confirmed - AT Highlights Income Tax Mon, 22 May 2023 08:58:40 +0530 https://www.taxtmi.com/highlights?id=69897