https://www.taxtmi.com/caselaws?id=262915 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271D of the Income Tax Act, ruling that the transactions in question were made to address urgent business needs and not as loans or deposits, as evidenced by journal entries and personal cheques issued directly to creditors by the Managing Director. The Tribunal emphasized that the transactions did not violate Section 269SS and were essential for the smooth operation of the business, ultimately dismissing the Revenue's appeal. en-us Fri, 22 May 2015 00:00:00 +0530 Sat, 22 Aug 2015 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262915 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271D of the Income Tax Act, ruling that the transactions in question were made to address urgent business needs and not as loans or deposits, as evidenced by journal entries and personal cheques issued directly to creditors by the Managing Director. The Tribunal emphasized that the transactions did not violate Section 269SS and were essential for the smooth operation of the business, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 22 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262915