Appeal Dismissed for Penalty on Genuine Transactions Without Black Money

The Allahabad HC dismissed the appeal on penalty under Section 271-D for breaching Section 269-SS due to genuine transactions without involving black money. The ITAT's decision was affirmed.

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The Allahabad High Court dismissed the appeal regarding penalty under Section 271-D for violation of Section 269-SS, as the genuineness of the transaction was not doubted and there was no scope for introducing black money. The Income-Tax Appellate Tribunal's decision was upheld.

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