https://www.taxtmi.com/caselaws?id=765541 The HC set aside the penalties imposed on the assessee under sections 271D and 271E of the Income Tax Act, 1961, for accepting and repaying cash loans in violation of sections 269SS and 269T, respectively. The Court found that the assessee had a reasonable cause, as required under section 273B, due to the urgency created by a CBI demand and the lender's insistence. The penalties were quashed, and the appeals were allowed, emphasizing the importance of considering the specific circumstances faced by the assessee. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765541 The HC set aside the penalties imposed on the assessee under sections 271D and 271E of the Income Tax Act, 1961, for accepting and repaying cash loans in violation of sections 269SS and 269T, respectively. The Court found that the assessee had a reasonable cause, as required under section 273B, due to the urgency created by a CBI demand and the lender's insistence. The penalties were quashed, and the appeals were allowed, emphasizing the importance of considering the specific circumstances faced by the assessee. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765541