https://www.taxtmi.com/caselaws?id=800584 Cash repayment of deposits otherwise than through prescribed banking modes contravenes the statutory restriction and attracts penalty. Relief based on reasonable cause requires the taxpayer to establish circumstances justifying cash repayment. Where amounts are claimed to be chit bid payments, the claimant must substantiate that they were paid to successful subscribers. Failure to deny cash repayments, prove the asserted chit payment character, or establish reasonable cause supports imposition of the penalty. en-us Fri, 25 Sep 2026 00:00:00 +0530 Thu, 08 Oct 2026 08:45:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800584 Cash repayment of deposits otherwise than through prescribed banking modes contravenes the statutory restriction and attracts penalty. Relief based on reasonable cause requires the taxpayer to establish circumstances justifying cash repayment. Where amounts are claimed to be chit bid payments, the claimant must substantiate that they were paid to successful subscribers. Failure to deny cash repayments, prove the asserted chit payment character, or establish reasonable cause supports imposition of the penalty. Case-Laws Income Tax Fri, 25 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800584