Penalty u/s 271D leviable on failure to establish reasonable cause for taking cash loans

Love Shoppers Ltd  Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that penalty under section 271D of the Income Tax Act leviable for contravention of provisions of section 269SS on failure to establish any reasonable cause for taking cash loans. Facts- The penalty in the present case has been levied by the Assessing Officer under Section 271D of the Act for contravention of the provisions of Section 269SS of the Act, accepting loans and advances beyond the prescribed limit through modes other than by way of account payee cheques. In the present case, the contravention of the provisions of Secti...