https://www.taxtmi.com/caselaws?id=151065 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty imposed by the AO under Section 271D of the Income-tax Act, 1961. The Tribunal found that the assessee had a reasonable cause for accepting cash deposits, which were made due to urgent business needs and financial difficulties. It was established that the transactions were genuine and primarily journal entries, not intended to introduce unaccounted cash. The CIT(A)'s decision was affirmed, emphasizing that genuine transactions made under urgent business needs do not attract penalties under Section 271D. en-us Fri, 12 Mar 2010 00:00:00 +0530 Tue, 28 May 2013 15:00:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151065 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty imposed by the AO under Section 271D of the Income-tax Act, 1961. The Tribunal found that the assessee had a reasonable cause for accepting cash deposits, which were made due to urgent business needs and financial difficulties. It was established that the transactions were genuine and primarily journal entries, not intended to introduce unaccounted cash. The CIT(A)'s decision was affirmed, emphasizing that genuine transactions made under urgent business needs do not attract penalties under Section 271D. Case-Laws Income Tax Fri, 12 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151065