https://www.taxtmi.com/highlights?id=105601 Cash loans accepted from a spouse may attract penalty where the taxpayer cannot establish reasonable cause for using cash despite available banking channels. A family arrangement did not justify the cash acceptance because each taxpayer remains independently liable under the Income-tax Act. Subsequent repayment through cheque did not cure the contravention, which occurs when the loan or deposit is accepted in cash. The penalty was sustained and the appeal was dismissed. en-us Fri, 30 Oct 2026 09:41:32 +0530 Fri, 30 Oct 2026 09:41:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105601 Cash loans accepted from a spouse may attract penalty where the taxpayer cannot establish reasonable cause for using cash despite available banking channels. A family arrangement did not justify the cash acceptance because each taxpayer remains independently liable under the Income-tax Act. Subsequent repayment through cheque did not cure the contravention, which occurs when the loan or deposit is accepted in cash. The penalty was sustained and the appeal was dismissed. Highlights Income Tax Fri, 30 Oct 2026 09:41:32 +0530 https://www.taxtmi.com/highlights?id=105601