https://www.taxtmi.com/caselaws?id=212551 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271D of the Income-tax Act, 1961. The Tribunal found that the transactions in question, although resulting in the appellant becoming indebted, were genuine loans disclosed to the revenue. Due to the genuine nature of the transactions and the reasonable cause shown by the appellant for non-levy of the penalty, the Tribunal allowed the appeal, emphasizing the absence of findings on the recording of transactions by the creditors as a mitigating factor. en-us Fri, 25 Nov 2011 00:00:00 +0530 Tue, 20 Nov 2012 15:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212551 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271D of the Income-tax Act, 1961. The Tribunal found that the transactions in question, although resulting in the appellant becoming indebted, were genuine loans disclosed to the revenue. Due to the genuine nature of the transactions and the reasonable cause shown by the appellant for non-levy of the penalty, the Tribunal allowed the appeal, emphasizing the absence of findings on the recording of transactions by the creditors as a mitigating factor. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212551