https://www.taxtmi.com/caselaws?id=63268 The Tribunal dismissed the Revenue's appeal, confirming that the penalty under section 271D was not applicable as the transactions were through transfer entries and not in cash. The Tribunal held that the assessee had a reasonable cause for non-compliance with section 269SS and that transfer entries did not attract the penalty. The Tribunal also clarified that section 269SS applies to all persons, including closely related parties, and does not limit its applicability to search and seizure cases. en-us Thu, 18 Apr 2002 00:00:00 +0530 Fri, 28 Jan 2011 18:00:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63268 The Tribunal dismissed the Revenue's appeal, confirming that the penalty under section 271D was not applicable as the transactions were through transfer entries and not in cash. The Tribunal held that the assessee had a reasonable cause for non-compliance with section 269SS and that transfer entries did not attract the penalty. The Tribunal also clarified that section 269SS applies to all persons, including closely related parties, and does not limit its applicability to search and seizure cases. Case-Laws Income Tax Thu, 18 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63268