https://www.taxtmi.com/caselaws?id=177896 The Tribunal dismissed the Revenue's appeals against the cancellation of penalties under sections 271D and 271E of the Income Tax Act for the assessment year 2004-05. The CIT(A)'s decisions to cancel the penalties were upheld, emphasizing the lack of proof of business exigency for the loans in question. The Tribunal found the reasons provided by the assessee for the cash transactions valid and supported by evidence, ultimately leading to the dismissal of all appeals and cross objections on 04/02/2011. en-us Fri, 04 Feb 2011 00:00:00 +0530 Thu, 21 Jan 2016 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177896 The Tribunal dismissed the Revenue's appeals against the cancellation of penalties under sections 271D and 271E of the Income Tax Act for the assessment year 2004-05. The CIT(A)'s decisions to cancel the penalties were upheld, emphasizing the lack of proof of business exigency for the loans in question. The Tribunal found the reasons provided by the assessee for the cash transactions valid and supported by evidence, ultimately leading to the dismissal of all appeals and cross objections on 04/02/2011. Case-Laws Income Tax Fri, 04 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177896