Penalty on receiving cash deposits justified if assessee hadn’t got registration to Act as banking or finance Co.

INCOME TAX : Assessee's contention of ignorance of provisions or lack of banking facilities in area, etc., could not be accepted as reasonable cause for accepting deposits in cash exceeding prescribed limit when admittedly assessee was doing large scale finance business dealing with public

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000193411/penalty-on-receiving-cash-deposits-justified-if-assessee-hadn’t-got-registration-to-act-as-banking-or-finance-co.aspx