https://www.taxtmi.com/caselaws?id=179697 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, overturning the penalty imposed under section 271D. The ITAT accepted the revised explanation provided before the Commissioner of Income Tax (Appeals) as credible, considering the genuine intent behind the fund transfer between sister concerns. The ITAT emphasized that explanations presented for the first time before appellate authorities could be accepted if found plausible, canceling the penalty and allowing the appeal. en-us Mon, 11 Oct 1999 00:00:00 +0530 Tue, 08 Mar 2016 12:41:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179697 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the assessee, overturning the penalty imposed under section 271D. The ITAT accepted the revised explanation provided before the Commissioner of Income Tax (Appeals) as credible, considering the genuine intent behind the fund transfer between sister concerns. The ITAT emphasized that explanations presented for the first time before appellate authorities could be accepted if found plausible, canceling the penalty and allowing the appeal. Case-Laws Income Tax Mon, 11 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179697