https://www.taxtmi.com/caselaws?id=33686 The High Court upheld penalties imposed under section 271D of the Income-tax Act in a case involving an appellant-firm accepting cash deposits exceeding Rs. 20,000 for real estate purposes. Despite the firm's claims of business exigencies and ignorance of tax laws, the court found insufficient evidence to support reasonable cause for the cash deposits, leading to the rejection of appeals and affirming the penalties imposed by the Assessing Officer. The court ruled in favor of the Revenue, emphasizing the lack of material evidence to justify the contravention of tax provisions. en-us Mon, 06 Aug 2007 00:00:00 +0530 Thu, 04 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33686 The High Court upheld penalties imposed under section 271D of the Income-tax Act in a case involving an appellant-firm accepting cash deposits exceeding Rs. 20,000 for real estate purposes. Despite the firm's claims of business exigencies and ignorance of tax laws, the court found insufficient evidence to support reasonable cause for the cash deposits, leading to the rejection of appeals and affirming the penalties imposed by the Assessing Officer. The court ruled in favor of the Revenue, emphasizing the lack of material evidence to justify the contravention of tax provisions. Case-Laws Income Tax Mon, 06 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33686