Cash loans and first-year construction cash dealings held genuine; penalties u/ss271D, 271E and s.273B deleted

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....Cash loans and first-year construction cash dealings were held genuine on substantive facts, leading to deletion of penalties. The article explains that where taxable income is below the threshold and receipts qualify as agricultural income accepted by the assessing officer, the statutory proviso excluding penal liability applies and penalties cannot be sustained. Separately, bona fide cash dealings in the inaugural year of a construction business, supported by credible source evidence and lacking motive for tax evasion, constitute reasonable cause for waiver of penalties and justify deletion of penalties imposed on the taxpayer.....