S. 271D penalty for receipt of Loan in cash Justified if no reasonable cause exist

HIGH COURT OF MADRAS Builtec Engineers & Builders Versus Deputy Commissioner of Income-tax Tax Case (Appeal) No. 259 of 2006 JULY 18, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. This Tax Case (Appeal) filed by the assessee as against the order of the Income Tax Appellate Tribunal relating to the assessment year 1994-95, was admitted by this Court on the following substantial questions of law: “1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in confirming the levy of penalty of Rs. 7,35,475/- under Section 271D of the Income T...