https://www.taxtmi.com/caselaws?id=177131 The Tribunal set aside the CIT(A)'s order and revoked penalties under Section 271D for all relevant years. The appeals were partially granted due to the genuine reasons for accepting cash and the transactions' bona fide nature. The Tribunal found that the share application money received from directors did not violate Section 269SS and was not akin to loans or deposits. The penalties were annulled based on the reasonable cause for accepting cash, considering the urgent need for funds and the technical nature of the default. en-us Thu, 30 Jan 2014 00:00:00 +0530 Mon, 04 Jan 2016 12:57:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177131 The Tribunal set aside the CIT(A)'s order and revoked penalties under Section 271D for all relevant years. The appeals were partially granted due to the genuine reasons for accepting cash and the transactions' bona fide nature. The Tribunal found that the share application money received from directors did not violate Section 269SS and was not akin to loans or deposits. The penalties were annulled based on the reasonable cause for accepting cash, considering the urgent need for funds and the technical nature of the default. Case-Laws Income Tax Thu, 30 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177131