Allowing the appeal of the revenue the Court held that the assessee has failed to prove the reasonable cause for accepting the deposits from staff members in cash in violation of the provision of S. 269SS of the Act , accordingly the levy of penalty was confirmed . Ignorance of law is not an excuse .Sitaram Ramachandran v. M.N. Nagrashana AIR 1960 SC 2601 (AY. 2005 -06)
CIT v. AL-Ameen Educational Trust ( 2018) 254 Taxman 402/ 165 DTR 417/ 308 CTR 151 (Ker) (HC)
S. 271D : Penalty -Takes or accepts any loan or deposit –Deposits from staff members in cash without any reasonable cause levy of penalty was held to be justified . [ S. 269SS, 273B ]