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of <h1>Rajasthan High Court Upholds ITAT Ruling: Sections 269SS and 269T Apply to Firm-Partner Cash Transactions, Penalties Waived.</h1> The applicability of Sections 269SS and 269T concerning cash transactions between a partnership firm and its partners was contested. The firm argued these transactions were internal and not subject to these provisions. However, the Assessing Officer disagreed, imposing penalties under Sections 271D and 271E for cash deposits and repayments. The firm challenged this decision, and the Income Tax Appellate Tribunal (ITAT) ruled that the provisions apply but waived the penalties due to a bona fide belief. The Rajasthan High Court upheld the ITAT's decision.
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