https://www.taxtmi.com/caselaws?id=261370 The Tribunal upheld the deletion of penalties u/s. 271D and 271E for accepting and repaying cash loans, ruling in favor of the assessee. Despite the assessee's violation of cash loan provisions, the Tribunal found credible explanations supported by documentation, emphasizing the exemption under section 273B for reasonable cause. The Tribunal differentiated the case from precedents, highlighting the genuineness of transactions and lack of tax evasion intent. Ultimately, the Tribunal dismissed the Revenue's appeals, concluding that no penalty was leviable based on factual and legal considerations presented. en-us Fri, 26 Jun 2015 00:00:00 +0530 Mon, 06 Jul 2015 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261370 The Tribunal upheld the deletion of penalties u/s. 271D and 271E for accepting and repaying cash loans, ruling in favor of the assessee. Despite the assessee's violation of cash loan provisions, the Tribunal found credible explanations supported by documentation, emphasizing the exemption under section 273B for reasonable cause. The Tribunal differentiated the case from precedents, highlighting the genuineness of transactions and lack of tax evasion intent. Ultimately, the Tribunal dismissed the Revenue's appeals, concluding that no penalty was leviable based on factual and legal considerations presented. Case-Laws Income Tax Fri, 26 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261370