https://www.taxtmi.com/caselaws?id=175429 The High Court upheld the Tribunal's decision to cancel penalties under sections 271D and 271E of the Income Tax Act, as the Tribunal correctly appreciated the facts. The judgment favored the assessee, ruling that penalties were not justified due to reasonable cause for accepting cash and common trading practices between sister concerns. en-us Wed, 16 Apr 2008 00:00:00 +0530 Fri, 20 Nov 2015 17:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175429 The High Court upheld the Tribunal's decision to cancel penalties under sections 271D and 271E of the Income Tax Act, as the Tribunal correctly appreciated the facts. The judgment favored the assessee, ruling that penalties were not justified due to reasonable cause for accepting cash and common trading practices between sister concerns. Case-Laws Income Tax Wed, 16 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175429