https://www.taxtmi.com/caselaws?id=796669 A bona fide, substantiated emergency requiring immediate funds may constitute reasonable cause for accepting and repaying loans in cash where the lenders' identity and creditworthiness and the transactions' genuineness are accepted. The notes state that, absent evidence of unaccounted income, tax evasion, deliberate disregard of law or contumacious conduct, a technical breach of cash-loan restrictions does not warrant penalty. The same reasonable-cause analysis applies to both cash acceptance and repayment when they arise from the same genuine emergency-driven transactions, protecting the assessee from penalties under the Income-tax Act. en-us Sun, 08 Mar 2026 00:00:00 +0530 Sat, 08 Aug 2026 08:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796669 A bona fide, substantiated emergency requiring immediate funds may constitute reasonable cause for accepting and repaying loans in cash where the lenders' identity and creditworthiness and the transactions' genuineness are accepted. The notes state that, absent evidence of unaccounted income, tax evasion, deliberate disregard of law or contumacious conduct, a technical breach of cash-loan restrictions does not warrant penalty. The same reasonable-cause analysis applies to both cash acceptance and repayment when they arise from the same genuine emergency-driven transactions, protecting the assessee from penalties under the Income-tax Act. Case-Laws Income Tax Sun, 08 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796669