https://www.taxtmi.com/caselaws?id=793748 Penalty under section 271D was found unsustainable where the alleged cash loan rested only on an uncorroborated third-party statement. The material relied upon was not furnished to the assessee, no cross-examination was allowed, and no independent evidence established a violation of section 269SS. In the absence of admissible corroboration, the allegation was treated as based on presumption, surmise and conjecture. The penalty order and appellate confirmation were reversed, and the assessee's challenge succeeded. en-us Fri, 19 Jun 2026 00:00:00 +0530 Tue, 23 Jun 2026 08:08:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793748 Penalty under section 271D was found unsustainable where the alleged cash loan rested only on an uncorroborated third-party statement. The material relied upon was not furnished to the assessee, no cross-examination was allowed, and no independent evidence established a violation of section 269SS. In the absence of admissible corroboration, the allegation was treated as based on presumption, surmise and conjecture. The penalty order and appellate confirmation were reversed, and the assessee's challenge succeeded. Case-Laws Income Tax Fri, 19 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793748