https://www.taxtmi.com/caselaws?id=68558 The ITAT Jodhpur upheld the CIT(A)'s decision to cancel penalties under sections 271D and 271E of the IT Act, 1961. The tribunal found the transactions involving cash deposits and repayments to be based on trust and long-standing relationships, with valid reasons such as repayment to an ex-partner and urgent medical payments. The CIT(A) concluded that the defaults were technical and not inherently wrong, justifying the cancellation of penalties imposed by the AO. The judgments cited supported the argument that the transactions were justified, leading to the dismissal of the Revenue's appeals. en-us Thu, 04 Dec 2003 00:00:00 +0530 Fri, 15 Jun 2012 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68558 The ITAT Jodhpur upheld the CIT(A)'s decision to cancel penalties under sections 271D and 271E of the IT Act, 1961. The tribunal found the transactions involving cash deposits and repayments to be based on trust and long-standing relationships, with valid reasons such as repayment to an ex-partner and urgent medical payments. The CIT(A) concluded that the defaults were technical and not inherently wrong, justifying the cancellation of penalties imposed by the AO. The judgments cited supported the argument that the transactions were justified, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Thu, 04 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68558