https://www.taxtmi.com/caselaws?id=255194 The High Court of Gujarat upheld the decision of the Tribunal to cancel the penalty imposed under Section 271D of the Income Tax Act on the assessee for accepting cash deposits exceeding the specified limit. The Court found that the assessee had shown reasonable cause for the breach of Section 269SS, with transactions being genuine and supported by evidence. Emphasizing that penalties should not be imposed for technical breaches, the Court dismissed the appeal by the revenue, ruling in favor of the assessee and affirming the cancellation of the penalty. en-us Wed, 24 Dec 2014 00:00:00 +0530 Fri, 09 Jan 2015 22:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255194 The High Court of Gujarat upheld the decision of the Tribunal to cancel the penalty imposed under Section 271D of the Income Tax Act on the assessee for accepting cash deposits exceeding the specified limit. The Court found that the assessee had shown reasonable cause for the breach of Section 269SS, with transactions being genuine and supported by evidence. Emphasizing that penalties should not be imposed for technical breaches, the Court dismissed the appeal by the revenue, ruling in favor of the assessee and affirming the cancellation of the penalty. Case-Laws Income Tax Wed, 24 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255194