Dismissing the appeal the Court held that none of the facts contended or proved by the assessee would constitute a valid explanation or reasonable cause coming within the purview of S. 273B. The mere proof that the loans were repaid through cheques drawn in the name of the lenders or that there was no attempt to induct black money into the business, itself could not be considered as a reasonable cause or as a compelling circumstance under which the mandate of S. 269SS could be violated. It could not be termed as a reasonable cause contemplated under S.  273B to condone the violation. Accordingly the order imposing the  penalty was confirmed.