https://www.taxtmi.com/caselaws?id=268383 The Tribunal upheld the Commissioner's decision to delete the penalty imposed under section 271D of the Income Tax Act. It was found that the transactions between the assessee and an associate company were adjustments through journal entries and did not involve cash loans or deposits, thus not violating the Act. The Tribunal emphasized that the transactions did not contravene the law and dismissed the department's appeal, affirming the deletion of the penalty. en-us Mon, 22 Jun 2015 00:00:00 +0530 Wed, 25 Nov 2015 10:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268383 The Tribunal upheld the Commissioner's decision to delete the penalty imposed under section 271D of the Income Tax Act. It was found that the transactions between the assessee and an associate company were adjustments through journal entries and did not involve cash loans or deposits, thus not violating the Act. The Tribunal emphasized that the transactions did not contravene the law and dismissed the department's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Mon, 22 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268383