https://www.taxtmi.com/caselaws?id=181233 The Tribunal upheld the exclusion of journal entry transactions from penalties under Sections 271D and 271E, agreeing that only actual cash transactions should be considered. The Revenue's appeals were dismissed. However, the Tribunal remanded the assessee's appeals back to the Commissioner of Income-tax (Appeals) for further review on the fiduciary nature of transactions and the applicability of Section 273B regarding reasonable cause for failure. The appeals filed by the Revenue were dismissed, while those by the assessee were allowed for statistical purposes, awaiting reconsideration by the Commissioner of Income-tax (Appeals). en-us Thu, 05 May 2011 00:00:00 +0530 Mon, 11 Apr 2016 15:25:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181233 The Tribunal upheld the exclusion of journal entry transactions from penalties under Sections 271D and 271E, agreeing that only actual cash transactions should be considered. The Revenue's appeals were dismissed. However, the Tribunal remanded the assessee's appeals back to the Commissioner of Income-tax (Appeals) for further review on the fiduciary nature of transactions and the applicability of Section 273B regarding reasonable cause for failure. The appeals filed by the Revenue were dismissed, while those by the assessee were allowed for statistical purposes, awaiting reconsideration by the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Thu, 05 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181233