https://www.taxtmi.com/caselaws?id=784950 Penalty liability for cash loans and repayments was contested on the basis that the assessees income was below the taxable limit and substantial receipts were agricultural income; evidence of lenders agricultural status and land records supported genuineness, invoking the second proviso and excusing penalties. The tribunal applied the reasonable cause doctrine and bona fide transaction principle to find absence of tax evasion motive, making section 273B relief applicable and resulting in deletion of penalties for cash acceptance and repayment. en-us Mon, 12 Jan 2026 00:00:00 +0530 Wed, 14 Jan 2026 10:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784950 Penalty liability for cash loans and repayments was contested on the basis that the assessees income was below the taxable limit and substantial receipts were agricultural income; evidence of lenders agricultural status and land records supported genuineness, invoking the second proviso and excusing penalties. The tribunal applied the reasonable cause doctrine and bona fide transaction principle to find absence of tax evasion motive, making section 273B relief applicable and resulting in deletion of penalties for cash acceptance and repayment. Case-Laws Income Tax Mon, 12 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784950