https://www.taxtmi.com/caselaws?id=70308 The ITAT dismissed the revenue's appeal, affirming the deletion of the penalty under section 271D of the Income-tax Act, 1961, for the block period from 1-4-1988 to 2-9-1998. The ITAT upheld the CIT(A)'s decision, concluding that the breach was due to a bona fide belief and business exigencies, and that the transactions were genuine. The revenue's challenge was unsuccessful as the ITAT found no doubt regarding the creditors' veracity, thus warranting exoneration from the penalty. en-us Tue, 25 Apr 2006 00:00:00 +0530 Mon, 11 Mar 2024 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70308 The ITAT dismissed the revenue's appeal, affirming the deletion of the penalty under section 271D of the Income-tax Act, 1961, for the block period from 1-4-1988 to 2-9-1998. The ITAT upheld the CIT(A)'s decision, concluding that the breach was due to a bona fide belief and business exigencies, and that the transactions were genuine. The revenue's challenge was unsuccessful as the ITAT found no doubt regarding the creditors' veracity, thus warranting exoneration from the penalty. Case-Laws Income Tax Tue, 25 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70308