https://www.taxtmi.com/caselaws?id=254178 The appeal was allowed in a case concerning the imposition of a penalty under Section 271D of the Income Tax Act. The court concluded that the transactions between the Director and the Company were genuine and necessary for business exigencies, thus setting aside the penalty. The court considered various judicial precedents and found no mala fide intent in the transactions. The appeal of the assessee was allowed, and the penalty was overturned. en-us Fri, 10 Oct 2014 00:00:00 +0530 Mon, 15 Dec 2014 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254178 The appeal was allowed in a case concerning the imposition of a penalty under Section 271D of the Income Tax Act. The court concluded that the transactions between the Director and the Company were genuine and necessary for business exigencies, thus setting aside the penalty. The court considered various judicial precedents and found no mala fide intent in the transactions. The appeal of the assessee was allowed, and the penalty was overturned. Case-Laws Income Tax Fri, 10 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254178