https://www.taxtmi.com/caselaws?id=68582 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271E of the Income Tax Act for the assessment year 1994-95. It determined that the repayments exceeding Rs. 20,000 were for business expenses, not loans or deposits, and thus did not violate section 269T. The Revenue's appeal was dismissed, confirming that the transactions were legitimate business activities without contumacious conduct, aligning with the precedent set in the Hindustan Steel Ltd. case. The Tribunal concluded that the penalties were unjustified, affirming the CIT(A)'s cancellation decision. en-us Thu, 01 Jul 2004 00:00:00 +0530 Wed, 12 Jun 2024 19:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68582 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271E of the Income Tax Act for the assessment year 1994-95. It determined that the repayments exceeding Rs. 20,000 were for business expenses, not loans or deposits, and thus did not violate section 269T. The Revenue's appeal was dismissed, confirming that the transactions were legitimate business activities without contumacious conduct, aligning with the precedent set in the Hindustan Steel Ltd. case. The Tribunal concluded that the penalties were unjustified, affirming the CIT(A)'s cancellation decision. Case-Laws Income Tax Thu, 01 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68582