https://www.taxtmi.com/caselaws?id=34600 HC set aside penalties under sections 271D and 271E, holding that the assessee established reasonable cause under section 273B for non-compliance with sections 269SS and 269T. Cash loans, disclosed in books, were inter-family transactions with a sister concern arising from business exigency, caused no prejudice to revenue and did not aim to evade tax. Given disclosure in accounts and absence of tax effect or mala fide intent, invocation of penal provisions was unjustified and penalties were quashed. en-us Tue, 03 Mar 2009 00:00:00 +0530 Thu, 04 Sep 2025 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34600 HC set aside penalties under sections 271D and 271E, holding that the assessee established reasonable cause under section 273B for non-compliance with sections 269SS and 269T. Cash loans, disclosed in books, were inter-family transactions with a sister concern arising from business exigency, caused no prejudice to revenue and did not aim to evade tax. Given disclosure in accounts and absence of tax effect or mala fide intent, invocation of penal provisions was unjustified and penalties were quashed. Case-Laws Income Tax Tue, 03 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34600