https://www.taxtmi.com/caselaws?id=169192 The Tribunal upheld the First Appellate Authority's decision to cancel the penalty imposed under section 271D of the Income Tax Act for AY 2007-08. The dispute revolved around transactions involving book entries without physical cash transfer, with the Tribunal ruling that the payments received through account payee cheques did not violate Section 269SS. The Tribunal dismissed the Revenue's appeal, emphasizing compliance with legal provisions on accepting money through prescribed financial instruments to avoid breaches of the Income Tax Act. en-us Wed, 24 Sep 2014 00:00:00 +0530 Mon, 06 Apr 2015 22:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169192 The Tribunal upheld the First Appellate Authority's decision to cancel the penalty imposed under section 271D of the Income Tax Act for AY 2007-08. The dispute revolved around transactions involving book entries without physical cash transfer, with the Tribunal ruling that the payments received through account payee cheques did not violate Section 269SS. The Tribunal dismissed the Revenue's appeal, emphasizing compliance with legal provisions on accepting money through prescribed financial instruments to avoid breaches of the Income Tax Act. Case-Laws Income Tax Wed, 24 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169192