https://www.taxtmi.com/caselaws?id=250922 The ITAT allowed all the appeals of the assessees, holding that penalties under sections 271D and 271E were not justified due to the genuine nature of transactions and the presence of a reasonable cause. The penalty orders were also deemed time-barred under section 275(1)(c) of the Income Tax Act. en-us Fri, 27 Jun 2014 00:00:00 +0530 Thu, 12 Mar 2015 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250922 The ITAT allowed all the appeals of the assessees, holding that penalties under sections 271D and 271E were not justified due to the genuine nature of transactions and the presence of a reasonable cause. The penalty orders were also deemed time-barred under section 275(1)(c) of the Income Tax Act. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250922