https://www.taxtmi.com/caselaws?id=256362 The court found the penalties imposed under sections 271D and 271E unjustified as the transactions were internal adjustments and not cash payments. The Assessing Officer failed to provide specific findings to support the claim of cash transactions. The court also noted that there was a reasonable cause for the internal financial adjustments among the firms, thus penalties were deemed unwarranted. Consequently, the appeal was allowed, and the penalties under sections 271D and 271E were declared untenable. en-us Wed, 12 Nov 2014 00:00:00 +0530 Wed, 11 Feb 2015 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256362 The court found the penalties imposed under sections 271D and 271E unjustified as the transactions were internal adjustments and not cash payments. The Assessing Officer failed to provide specific findings to support the claim of cash transactions. The court also noted that there was a reasonable cause for the internal financial adjustments among the firms, thus penalties were deemed unwarranted. Consequently, the appeal was allowed, and the penalties under sections 271D and 271E were declared untenable. Case-Laws Income Tax Wed, 12 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256362