Penalty justifiable if assessee failed to show reasonable cause for getting loan in contravention of Sec. 269SS

IT : Where assessee failed to show that there was a reasonable cause for getting loans in violation of provisions of section 269SS as it could not show any urgent business necessity for accepting loans in cash and also failed to demonstrate that it was not having sufficient funds in its possession, Commissioner(Appeals) rightly upheld levy of penalty under section 271D

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