https://www.taxtmi.com/caselaws?id=247461 The Tribunal upheld the CIT(A) order, dismissing the Revenue's appeal regarding violations of sec. 269SS of the IT Act and penalties u/s. 271D for cash loans received. It was determined that the transactions were journal entries, not actual cash loans, leading to the cancellation of penalties. The decision emphasized that penalties cannot be imposed based solely on journal entries without actual cash transactions. The appeal by the Revenue was rejected, affirming the CIT(A) order for the relevant assessment years. en-us Tue, 29 Apr 2014 00:00:00 +0530 Tue, 13 May 2014 09:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247461 The Tribunal upheld the CIT(A) order, dismissing the Revenue's appeal regarding violations of sec. 269SS of the IT Act and penalties u/s. 271D for cash loans received. It was determined that the transactions were journal entries, not actual cash loans, leading to the cancellation of penalties. The decision emphasized that penalties cannot be imposed based solely on journal entries without actual cash transactions. The appeal by the Revenue was rejected, affirming the CIT(A) order for the relevant assessment years. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247461