https://www.taxtmi.com/caselaws?id=173057 The High Court allowed the appeal by the assessee, finding that the penalty under Section 271D was not justified due to the genuine and bonafide nature of the transaction, with no tax evasion involved. The Court emphasized the importance of reasonable cause under Section 273B and the need to interpret tax laws in a manner that does not oppress taxpayers. en-us Wed, 20 Apr 2011 00:00:00 +0530 Tue, 08 Sep 2015 12:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173057 The High Court allowed the appeal by the assessee, finding that the penalty under Section 271D was not justified due to the genuine and bonafide nature of the transaction, with no tax evasion involved. The Court emphasized the importance of reasonable cause under Section 273B and the need to interpret tax laws in a manner that does not oppress taxpayers. Case-Laws Income Tax Wed, 20 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173057