https://www.taxtmi.com/caselaws?id=219108 The Tribunal upheld the decision to cancel the penalty imposed under Section 271D for violating Section 269SS of the Income-tax Act. The Tribunal found that the transactions were genuine, bona fide, and did not involve cash payments, as they were made through book adjustments, not violating the provisions of Section 269SS. The Tribunal referenced relevant case law and emphasized that the legislative intent behind Section 269SS was to prevent tax evasion through cash transactions, which was not applicable in this case. As a result, the Revenue's appeal was dismissed, and the penalty was deemed unjustified. en-us Tue, 31 Jan 2012 00:00:00 +0530 Wed, 05 Dec 2012 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219108 The Tribunal upheld the decision to cancel the penalty imposed under Section 271D for violating Section 269SS of the Income-tax Act. The Tribunal found that the transactions were genuine, bona fide, and did not involve cash payments, as they were made through book adjustments, not violating the provisions of Section 269SS. The Tribunal referenced relevant case law and emphasized that the legislative intent behind Section 269SS was to prevent tax evasion through cash transactions, which was not applicable in this case. As a result, the Revenue's appeal was dismissed, and the penalty was deemed unjustified. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219108