https://www.taxtmi.com/caselaws?id=796883 Reasonable cause supported by bank records, affidavits and revenue records can protect cash receipts and repayments from penalties for contravening statutory restrictions. Cash received from farmers for a proposed agricultural-land purchase, followed by cash repayment after the transaction failed because of the taxpayer's father's death, was sufficiently explained by the surrounding circumstances and documentary evidence. The penalties for accepting and repaying cash loans were therefore deleted, as the established reasonable cause negated penal consequences. en-us Wed, 05 Aug 2026 00:00:00 +0530 Wed, 12 Aug 2026 08:20:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796883 Reasonable cause supported by bank records, affidavits and revenue records can protect cash receipts and repayments from penalties for contravening statutory restrictions. Cash received from farmers for a proposed agricultural-land purchase, followed by cash repayment after the transaction failed because of the taxpayer's father's death, was sufficiently explained by the surrounding circumstances and documentary evidence. The penalties for accepting and repaying cash loans were therefore deleted, as the established reasonable cause negated penal consequences. Case-Laws Income Tax Wed, 05 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796883