Penalty u/s 271D leviable on failure to furnish reasonable cause for taking cash loan

Planman HR Pvt. Ltd. Vs ACIT (ITAT Delhi) ITAT Delhi held that in absence of any reasonable cause for taking cash loan (i.e. contravening provisions of section 269SS of the Income Tax Act), penalty under section 271D of the Income Tax Act duly leviable. Facts- AO noticed that the appellant violated the provisions of section 269SS by accepting loan of Rs. 15,60,000/- in cash from “M/s. Centre for vocation and Entrepreneurship Study”. The Add. CIT, Range-20, New Delhi was informed by the AO of the said violation of provisions of Section 269 SS of the Act for taking action u/s 271D of the Act...