https://www.taxtmi.com/caselaws?id=465913 Whether penal provisions for prohibited cash transactions apply where an agriculturist borrowed and repaid a cash loan through a cooperative society exempt under tax law and asserted lack of knowledge. The analysis applies the quasi-criminal standard for penalty proceedings, requiring deliberate, contumacious or dishonest conduct; absence of evidence of intention to evade tax, conceal income, or cause revenue loss negates imposition of penalty. The cooperative society exemption and repayment from agricultural income were treated as material to the enquiry, and the penalties under the relevant provisions were therefore quashed. en-us Wed, 30 Jul 2008 00:00:00 +0530 Thu, 15 Jan 2026 17:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465913 Whether penal provisions for prohibited cash transactions apply where an agriculturist borrowed and repaid a cash loan through a cooperative society exempt under tax law and asserted lack of knowledge. The analysis applies the quasi-criminal standard for penalty proceedings, requiring deliberate, contumacious or dishonest conduct; absence of evidence of intention to evade tax, conceal income, or cause revenue loss negates imposition of penalty. The cooperative society exemption and repayment from agricultural income were treated as material to the enquiry, and the penalties under the relevant provisions were therefore quashed. Case-Laws Income Tax Wed, 30 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465913