https://www.taxtmi.com/caselaws?id=216717 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The Court found that the transactions through journal entries were not in violation of Section 269SS as they were undertaken to settle mutual liabilities in a reasonable and bona fide manner, thereby deleting the penalties imposed under Section 271D. en-us Fri, 17 Aug 2012 00:00:00 +0530 Mon, 27 Dec 2021 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216717 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The Court found that the transactions through journal entries were not in violation of Section 269SS as they were undertaken to settle mutual liabilities in a reasonable and bona fide manner, thereby deleting the penalties imposed under Section 271D. Case-Laws Income Tax Fri, 17 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216717