https://www.taxtmi.com/caselaws?id=465905 Whether statutory restriction on receipt of loans in cash applies to entries in the books formed the issue; Tribunal relied on higher court precedent holding that loans recorded by journal entries do not attract the statutory prohibition, so the restriction was held inapplicable and penalty under the penal provision was set aside. The reasoning rested on distinguishing bona fide internal ledger adjustments from prohibited cash receipt transactions, resulting in relief to the assessee on the basis of precedent excluding journal-entry loans from the statutory prohibition. en-us Fri, 26 Feb 2016 00:00:00 +0530 Wed, 14 Jan 2026 20:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465905 Whether statutory restriction on receipt of loans in cash applies to entries in the books formed the issue; Tribunal relied on higher court precedent holding that loans recorded by journal entries do not attract the statutory prohibition, so the restriction was held inapplicable and penalty under the penal provision was set aside. The reasoning rested on distinguishing bona fide internal ledger adjustments from prohibited cash receipt transactions, resulting in relief to the assessee on the basis of precedent excluding journal-entry loans from the statutory prohibition. Case-Laws Income Tax Fri, 26 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465905