https://thetaxtalk.com/2018/07/whether-when-the-assessee-fails-to-establish-the-urgent-nature-of-business-necessities-for-taking-loans-from-its-directors-in-cash-such-transaction-warrants-levy-of-penalty-u-s-271d-yes-itat/
Whether when the assessee fails to establish the urgent nature of business necessities for taking loans from its Directors in cash, such transaction warrants levy of penalty u/s 271D – YES: ITAT