https://www.taxtmi.com/caselaws?id=208042 The High Court upheld the Tribunal's decision in an income-tax appeal, confirming the reduction of penalty under section 271D for the assessment year 1993-94. The Court found the transactions compliant with legal provisions as loans/deposits were made through banks by directors/promoters, falling within exceptions outlined in the Income-tax Act and relevant rules. The appeal by Revenue was dismissed as no substantial question of law was identified, emphasizing the genuine nature of the transactions and the reasonable cause under section 273B for compliance with the law. en-us Thu, 25 Nov 2010 00:00:00 +0530 Wed, 03 Jul 2013 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208042 The High Court upheld the Tribunal's decision in an income-tax appeal, confirming the reduction of penalty under section 271D for the assessment year 1993-94. The Court found the transactions compliant with legal provisions as loans/deposits were made through banks by directors/promoters, falling within exceptions outlined in the Income-tax Act and relevant rules. The appeal by Revenue was dismissed as no substantial question of law was identified, emphasizing the genuine nature of the transactions and the reasonable cause under section 273B for compliance with the law. Case-Laws Income Tax Thu, 25 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208042