https://www.taxtmi.com/caselaws?id=218732 The appeals by the revenue challenging the cancellation of penalties under sections 271D and 271E of the IT Act for the assessment year 2004-05 were dismissed. The CIT(A) deleted the penalties imposed by the AO, as the transactions were determined to be adjustments in current accounts of sister concerns, not loans violating Sections 269SS and 269T. The CIT(A) found the explanations and verified entries provided by the assessee sufficient to demonstrate the nature of the transactions, leading to the conclusion that penalties were unwarranted. en-us Fri, 20 Jan 2012 00:00:00 +0530 Fri, 16 Nov 2012 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218732 The appeals by the revenue challenging the cancellation of penalties under sections 271D and 271E of the IT Act for the assessment year 2004-05 were dismissed. The CIT(A) deleted the penalties imposed by the AO, as the transactions were determined to be adjustments in current accounts of sister concerns, not loans violating Sections 269SS and 269T. The CIT(A) found the explanations and verified entries provided by the assessee sufficient to demonstrate the nature of the transactions, leading to the conclusion that penalties were unwarranted. Case-Laws Income Tax Fri, 20 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218732