https://www.taxtmi.com/caselaws?id=786783 Whether penalties for accepting and repaying cash loans contrary to the statutory prohibition can stand where the assessee adduces evidence of genuineness and claims reasonable cause under the statutory exemption: the tribunal applied the principle that demonstrable bona fide transactions and a reasonable cause defence preclude imposition of penalty, found bank records, a sanctioned term loan and corroborating explanations established the genuineness and reasonable cause, and on that basis cancelled the penalties and allowed the appeals in favour of the assessee. en-us Tue, 17 Feb 2026 00:00:00 +0530 Thu, 19 Feb 2026 07:58:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786783 Whether penalties for accepting and repaying cash loans contrary to the statutory prohibition can stand where the assessee adduces evidence of genuineness and claims reasonable cause under the statutory exemption: the tribunal applied the principle that demonstrable bona fide transactions and a reasonable cause defence preclude imposition of penalty, found bank records, a sanctioned term loan and corroborating explanations established the genuineness and reasonable cause, and on that basis cancelled the penalties and allowed the appeals in favour of the assessee. Case-Laws Income Tax Tue, 17 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786783