https://www.taxtmi.com/caselaws?id=177802 The appeal was dismissed by the High Court under Section 260A of the Income Tax Act. The Tribunal's decision to cancel penalties under Sections 271-D and 271-E was upheld as the transaction was deemed non-cash, involving only book entries. The court found no reason to interfere with the Tribunal's order, affirming the absence of cash involvement and the nature of the entries. The Department's appeal challenging the cancellation of penalties was dismissed, sustaining the Tribunal's decision for the assessment year 1994-95. en-us Wed, 11 Dec 2013 00:00:00 +0530 Wed, 07 Sep 2016 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177802 The appeal was dismissed by the High Court under Section 260A of the Income Tax Act. The Tribunal's decision to cancel penalties under Sections 271-D and 271-E was upheld as the transaction was deemed non-cash, involving only book entries. The court found no reason to interfere with the Tribunal's order, affirming the absence of cash involvement and the nature of the entries. The Department's appeal challenging the cancellation of penalties was dismissed, sustaining the Tribunal's decision for the assessment year 1994-95. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177802