https://www.taxtmi.com/caselaws?id=174979 The Tribunal dismissed both appeals by the Revenue, confirming the CIT(A)'s orders canceling the penalties u/s 271D and 271E. The Tribunal concluded that the transactions were in the nature of current accounts, not loans or deposits, and there was no tax evasion, thus the penalties were not justified. en-us Fri, 10 Jun 2011 00:00:00 +0530 Mon, 02 Nov 2015 10:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174979 The Tribunal dismissed both appeals by the Revenue, confirming the CIT(A)'s orders canceling the penalties u/s 271D and 271E. The Tribunal concluded that the transactions were in the nature of current accounts, not loans or deposits, and there was no tax evasion, thus the penalties were not justified. Case-Laws Income Tax Fri, 10 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174979