https://www.taxtmi.com/caselaws?id=249772 The ITAT upheld the CIT(A)'s decision to delete penalties under section 271D for the assessment years 2002-2003, 2003-2004, and 2004-2005. The Revenue's appeals were dismissed as they failed to provide evidence contradicting the assessee's claims that deposits were below Rs. 10,000 and transactions with another entity were not subject to section 269SS. The ITAT emphasized the importance of factual substantiation in tax penalty cases and compliance with regulatory guidelines to avoid penalties under relevant sections of the Income Tax Act. en-us Wed, 16 Jul 2014 00:00:00 +0530 Wed, 23 Jul 2014 08:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249772 The ITAT upheld the CIT(A)'s decision to delete penalties under section 271D for the assessment years 2002-2003, 2003-2004, and 2004-2005. The Revenue's appeals were dismissed as they failed to provide evidence contradicting the assessee's claims that deposits were below Rs. 10,000 and transactions with another entity were not subject to section 269SS. The ITAT emphasized the importance of factual substantiation in tax penalty cases and compliance with regulatory guidelines to avoid penalties under relevant sections of the Income Tax Act. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249772