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2010 (10) TMI 119 - ALLAHABAD HIGH COURTAcceptance of loan in cash - amount has been found deposited in cash in the books of account - assessing authority was of the view that section 269 SS of the Act was flouted - penalty under section 271D of the Act has been levied to the extent - Assessee contended that persons from whom the loan were taken were agriculturist and in emergency the amount has been taken in cash - Held that: - no error in the impugned order of the Tribunal. Under section 273 B of the Act in case it is established that there was the reasonable cause in accepting the deposit in cash - penalty is not leviable
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