Madras H.C : Insistence of financier to repay the loan in cash is a compelling circumstances and is a reasonable cause for transacting the loan transaction in cash and thereby deleting the levy of penalty under Section 271E

High Court Of Madras CIT, Pondicherry vs. M. Ramakrishnan Assessment Years : 2008-09 And 2009-10 Section : 269T, 271E, 269SS, 271D R. Sudhakar And Ms. K.B.K. Vasuki, JJ. TC (A) Nos. 291,292 & 325 Of 2015 July 1, 2015 JUDGMENT Ms. K.B.K.Vasuki, J. – The assesee is the appellant herein. 2. Consequent to a survey…

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