https://www.taxtmi.com/caselaws?id=781425 ITAT held the assessee reasonably demonstrated business exigency for accepting a cash loan of Rs. 2 lakhs from a director to meet cheque payments exceeding bank limits, supported by loan confirmation, cash book and return copy. The director's same-day cash withdrawal and deposit into the assessee's account corroborated urgency. Finding reasonable cause for accepting the cash loan, the Tribunal set aside the penalty under s.271D by applying s.273B and allowed the assessee's appeal. en-us Fri, 19 Sep 2025 00:00:00 +0530 Sat, 15 Nov 2025 07:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781425 ITAT held the assessee reasonably demonstrated business exigency for accepting a cash loan of Rs. 2 lakhs from a director to meet cheque payments exceeding bank limits, supported by loan confirmation, cash book and return copy. The director's same-day cash withdrawal and deposit into the assessee's account corroborated urgency. Finding reasonable cause for accepting the cash loan, the Tribunal set aside the penalty under s.271D by applying s.273B and allowed the assessee's appeal. Case-Laws Income Tax Fri, 19 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781425