https://www.taxtmi.com/caselaws?id=173358 The Tribunal upheld the CIT [A]'s decision to delete the penalty imposed under Section 271E of the Income Tax Act, finding that the cash transactions for property purchases were genuine and did not violate Section 269T. The Assessing Officer failed to prove that the transactions were not legitimate, and the delay in cancellations did not invalidate the initial transactions. As the cash receipts were not considered loans or deposits, the penalty under Section 271E was deemed unwarranted, resulting in the dismissal of the Tax Appeal. en-us Mon, 04 Apr 2011 00:00:00 +0530 Mon, 14 Sep 2015 10:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173358 The Tribunal upheld the CIT [A]'s decision to delete the penalty imposed under Section 271E of the Income Tax Act, finding that the cash transactions for property purchases were genuine and did not violate Section 269T. The Assessing Officer failed to prove that the transactions were not legitimate, and the delay in cancellations did not invalidate the initial transactions. As the cash receipts were not considered loans or deposits, the penalty under Section 271E was deemed unwarranted, resulting in the dismissal of the Tax Appeal. Case-Laws Income Tax Mon, 04 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173358