https://www.taxtmi.com/caselaws?id=103318 The Tribunal affirmed the cancellation of a penalty under section 271D of the Income-tax Act for the assessment year 1995-96. The penalty was cancelled based on the necessity of cash payments for the wood business, deposits accepted from agriculturists without bank accounts, and the absence of revenue loss due to the technical default. The decision emphasized the importance of assessing the context and intent of alleged violations of tax laws to prevent false explanations for financial transactions. en-us Fri, 05 Jul 2002 00:00:00 +0530 Wed, 22 Feb 2012 13:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103318 The Tribunal affirmed the cancellation of a penalty under section 271D of the Income-tax Act for the assessment year 1995-96. The penalty was cancelled based on the necessity of cash payments for the wood business, deposits accepted from agriculturists without bank accounts, and the absence of revenue loss due to the technical default. The decision emphasized the importance of assessing the context and intent of alleged violations of tax laws to prevent false explanations for financial transactions. Case-Laws Income Tax Fri, 05 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103318