https://www.taxtmi.com/caselaws?id=449639 ITAT Raipur upheld penalty u/s 271E for loan repayment in cash, rejecting assessee's plea of ignorance regarding section 269T provisions. Court noted multiple alternative repayment methods existed beyond cheques, and assessee failed to demonstrate reasonable cause for cash payment. However, penalty u/s 271D r.w.s. 269SS was quashed as AO treated cash receipts as assessee's own unexplained money u/s 69A rather than specified sum received from others, negating the foundational requirement for section 269SS application. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 16 Feb 2024 06:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449639 ITAT Raipur upheld penalty u/s 271E for loan repayment in cash, rejecting assessee's plea of ignorance regarding section 269T provisions. Court noted multiple alternative repayment methods existed beyond cheques, and assessee failed to demonstrate reasonable cause for cash payment. However, penalty u/s 271D r.w.s. 269SS was quashed as AO treated cash receipts as assessee's own unexplained money u/s 69A rather than specified sum received from others, negating the foundational requirement for section 269SS application. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449639