https://www.taxtmi.com/caselaws?id=68498 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under sections 271D and 271E of the IT Act, 1961, in a case involving cash transactions exceeding Rs. 20,000 for immediate business needs. The Tribunal found the breaches to be technical in nature, with no intent to deceive the Revenue, citing common partners' decisions and genuine transactions. Relying on precedents and consistent views in similar cases, the Tribunal dismissed the Revenue's appeals, emphasizing the absence of doubt on the transactions' authenticity and aligning with settled issues on penalty imposition. en-us Fri, 27 Feb 2004 00:00:00 +0530 Wed, 30 Mar 2011 16:48:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68498 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under sections 271D and 271E of the IT Act, 1961, in a case involving cash transactions exceeding Rs. 20,000 for immediate business needs. The Tribunal found the breaches to be technical in nature, with no intent to deceive the Revenue, citing common partners' decisions and genuine transactions. Relying on precedents and consistent views in similar cases, the Tribunal dismissed the Revenue's appeals, emphasizing the absence of doubt on the transactions' authenticity and aligning with settled issues on penalty imposition. Case-Laws Income Tax Fri, 27 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68498