https://www.taxtmi.com/caselaws?id=209610 The court dismissed the Income Tax Appeal, affirming the cancellation of the penalty under Section 271D for violating Section 269SS of the Income Tax Act. The court upheld the Tribunal's decision, finding that the assessee's explanation based on uncontroversial facts did not warrant interference, as there was no tax evasion or introduction of black money. The court noted the cessation of the practice in the second year of business and accepted the source of funds provided by individuals as loans from banks, leading to the technical nature of the penalty imposition. en-us Fri, 04 Feb 2011 00:00:00 +0530 Fri, 12 Jul 2013 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209610 The court dismissed the Income Tax Appeal, affirming the cancellation of the penalty under Section 271D for violating Section 269SS of the Income Tax Act. The court upheld the Tribunal's decision, finding that the assessee's explanation based on uncontroversial facts did not warrant interference, as there was no tax evasion or introduction of black money. The court noted the cessation of the practice in the second year of business and accepted the source of funds provided by individuals as loans from banks, leading to the technical nature of the penalty imposition. Case-Laws Income Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209610