https://www.taxtmi.com/caselaws?id=326976 The Tribunal dismissed the revenue's appeal, agreeing with the CIT (A) that the assessee had a reasonable cause for the cash deposit and that the transaction was genuine. The penalty under Section 271D was deemed uncalled for and was thus cancelled. The judgment referenced several supporting cases, reinforcing the principle that penalties should not be imposed for genuine transactions where reasonable cause is established. en-us Fri, 18 Mar 2016 00:00:00 +0530 Fri, 29 Apr 2016 11:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326976 The Tribunal dismissed the revenue's appeal, agreeing with the CIT (A) that the assessee had a reasonable cause for the cash deposit and that the transaction was genuine. The penalty under Section 271D was deemed uncalled for and was thus cancelled. The judgment referenced several supporting cases, reinforcing the principle that penalties should not be imposed for genuine transactions where reasonable cause is established. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326976