https://www.taxtmi.com/caselaws?id=254505 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271D of the Income Tax Act, 1961. The case involved transactions through book entries without actual cash payments, which were found not to violate Section 269SS. The court ruled in favor of the respondent assessee, stating that penalties cannot be sustained solely based on book entries without cash transactions. The judgment clarified that penalties for violations related to unsecured loans and transactions without cash payments are not applicable when only book entries are involved. en-us Fri, 12 Dec 2014 00:00:00 +0530 Wed, 24 Dec 2014 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254505 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271D of the Income Tax Act, 1961. The case involved transactions through book entries without actual cash payments, which were found not to violate Section 269SS. The court ruled in favor of the respondent assessee, stating that penalties cannot be sustained solely based on book entries without cash transactions. The judgment clarified that penalties for violations related to unsecured loans and transactions without cash payments are not applicable when only book entries are involved. Case-Laws Income Tax Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254505