Penalty Imposed for Cash Transaction Violation u/s 269SS; Exemption Denied Due to Lack of Reasonable Cause.

Penalty under section 271D - Violation of bar provided by Section 269SS - Receipt of cash in excess of Rs. 20,000/- - there was no reasonable cause inasmuch as the story set up by the assessee to arrange the money in hurry to save the honour of the family was not proved, the assessee would not get the benefit of Section 273B of the Act - HC .....

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