https://www.taxtmi.com/caselaws?id=325676 The Tribunal allowed the appeal against the penalty imposed under section 271E of the Income-tax Act. The appellant successfully argued that the repayment made to a Cooperative Bank, alleged to violate Section 269T, was not in cash but through a bank transaction. Citing legal precedents, including the ITAT Kolkata Bench decision, it was established that loans from Directors did not breach relevant sections of the Act. Consequently, the penalty was quashed, emphasizing that the repayment method aligned with the law's interpretations. The appellant's reasonable cause for the transaction led to the deletion of the penalty, resulting in the appeal being allowed. en-us Tue, 09 Feb 2016 00:00:00 +0530 Mon, 08 Aug 2022 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325676 The Tribunal allowed the appeal against the penalty imposed under section 271E of the Income-tax Act. The appellant successfully argued that the repayment made to a Cooperative Bank, alleged to violate Section 269T, was not in cash but through a bank transaction. Citing legal precedents, including the ITAT Kolkata Bench decision, it was established that loans from Directors did not breach relevant sections of the Act. Consequently, the penalty was quashed, emphasizing that the repayment method aligned with the law's interpretations. The appellant's reasonable cause for the transaction led to the deletion of the penalty, resulting in the appeal being allowed. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325676