https://www.taxtmi.com/caselaws?id=258262 The ITAT allowed the appeal, deleting the penalty u/s 271D of the Income Tax Act, 1961 for the assessment year 2006-07. The tribunal considered the genuine transactions, reasonable explanation provided by the assessee, absence of black money elements, and lack of tax evasion, aligning with legal precedents. The decision emphasized the genuine nature of transactions and reasonable cause, leading to the penalty's deletion. en-us Fri, 13 Jun 2014 00:00:00 +0530 Fri, 03 Apr 2015 20:33:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258262 The ITAT allowed the appeal, deleting the penalty u/s 271D of the Income Tax Act, 1961 for the assessment year 2006-07. The tribunal considered the genuine transactions, reasonable explanation provided by the assessee, absence of black money elements, and lack of tax evasion, aligning with legal precedents. The decision emphasized the genuine nature of transactions and reasonable cause, leading to the penalty's deletion. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258262