https://www.taxtmi.com/caselaws?id=268561 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act, 1961 for the assessment year 2009-10. The Tribunal agreed with the CIT(A)'s findings that the transactions were conducted for commercial expediency and genuine business needs, with no evidence of irregularities or unaccounted funds. Therefore, the penalties were deemed unwarranted, and the appeals against their deletion were dismissed. en-us Mon, 16 Nov 2015 00:00:00 +0530 Fri, 27 Nov 2015 23:51:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268561 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act, 1961 for the assessment year 2009-10. The Tribunal agreed with the CIT(A)'s findings that the transactions were conducted for commercial expediency and genuine business needs, with no evidence of irregularities or unaccounted funds. Therefore, the penalties were deemed unwarranted, and the appeals against their deletion were dismissed. Case-Laws Income Tax Mon, 16 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268561