https://www.taxtmi.com/caselaws?id=220739 The High Court upheld the decision to delete penalties imposed under sections 271D and 271E for cash transactions between the assessee and its sister concerns. The Court found the transactions genuine, aimed at wage distribution and saving a sick company from closure. It agreed with lower authorities that the transactions were loans or deposits due to business exigency, emphasizing the reasons provided by the assessee. The Court concluded that penalties were unwarranted, rejecting the appeal and affirming the decisions of lower authorities. en-us Tue, 20 Jul 2010 00:00:00 +0530 Sun, 10 Feb 2013 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220739 The High Court upheld the decision to delete penalties imposed under sections 271D and 271E for cash transactions between the assessee and its sister concerns. The Court found the transactions genuine, aimed at wage distribution and saving a sick company from closure. It agreed with lower authorities that the transactions were loans or deposits due to business exigency, emphasizing the reasons provided by the assessee. The Court concluded that penalties were unwarranted, rejecting the appeal and affirming the decisions of lower authorities. Case-Laws Income Tax Tue, 20 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220739