https://www.taxtmi.com/caselaws?id=794905 A receipt accepted on the Revenue's own premise as a cash loan cannot simultaneously be treated as taxable income merely because the loan was received in contravention of Section 269SS of the Income-tax Act, 1961. The statutory scheme addresses such non-compliant acceptance through the specific penalty provision under Section 271D. The legal point is that violation of the prescribed mode of accepting a loan does not change the receipt's character into assessable income. The notes state that, on this reasoning, the disputed addition was considered unsustainable and removed in favour of the assessee. en-us Mon, 29 Jun 2026 00:00:00 +0530 Tue, 14 Jul 2026 08:26:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794905 A receipt accepted on the Revenue's own premise as a cash loan cannot simultaneously be treated as taxable income merely because the loan was received in contravention of Section 269SS of the Income-tax Act, 1961. The statutory scheme addresses such non-compliant acceptance through the specific penalty provision under Section 271D. The legal point is that violation of the prescribed mode of accepting a loan does not change the receipt's character into assessable income. The notes state that, on this reasoning, the disputed addition was considered unsustainable and removed in favour of the assessee. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794905