https://www.taxtmi.com/caselaws?id=255221 The High Court upheld the tribunal's decision to overturn the penalty imposed under Section 271D of the Income Tax Act for assessment years 2001-02, 2002-03, and 2003-04. The court emphasized the lack of concrete evidence linking the respondent to the cash transactions mentioned in the document discovered during the search and seizure operations. The court highlighted the insufficiency of evidence provided by the Revenue, stating that suspicion alone cannot justify the conclusion that the respondent received unaccounted cash loans or deposits. The appeal was dismissed based on the specific facts of the case. en-us Wed, 23 May 2012 00:00:00 +0530 Sat, 10 Jan 2015 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255221 The High Court upheld the tribunal's decision to overturn the penalty imposed under Section 271D of the Income Tax Act for assessment years 2001-02, 2002-03, and 2003-04. The court emphasized the lack of concrete evidence linking the respondent to the cash transactions mentioned in the document discovered during the search and seizure operations. The court highlighted the insufficiency of evidence provided by the Revenue, stating that suspicion alone cannot justify the conclusion that the respondent received unaccounted cash loans or deposits. The appeal was dismissed based on the specific facts of the case. Case-Laws Income Tax Wed, 23 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255221