https://www.taxtmi.com/caselaws?id=254507 The appeals by the Revenue challenging penalties imposed under Section 271D of the Income Tax Act, 1961 for violations of Section 269SS were disposed of in favor of the respondent assessee. The Tribunal deleted penalties for book entries, emphasizing that the provisions apply to actual transactions involving money, not just formal entries. The decisions underscore the importance of cash transactions in determining violations of the law and provide clarity on the interpretation and application of relevant sections, ensuring consistency in legal assessments related to financial transactions. en-us Fri, 12 Dec 2014 00:00:00 +0530 Wed, 24 Dec 2014 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254507 The appeals by the Revenue challenging penalties imposed under Section 271D of the Income Tax Act, 1961 for violations of Section 269SS were disposed of in favor of the respondent assessee. The Tribunal deleted penalties for book entries, emphasizing that the provisions apply to actual transactions involving money, not just formal entries. The decisions underscore the importance of cash transactions in determining violations of the law and provide clarity on the interpretation and application of relevant sections, ensuring consistency in legal assessments related to financial transactions. Case-Laws Income Tax Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254507