https://www.taxtmi.com/caselaws?id=328164 The Tribunal upheld the CIT(A)'s decision, ruling that acknowledging loans through journal entries did not violate Section 269SS of the Income Tax Act as the transactions were genuine and did not involve actual cash loans. Consequently, the penalty under Section 271D was deemed inapplicable. Both the revenue's appeal and the assessee's cross-objection were dismissed in the final pronouncement on 6th May 2016. en-us Fri, 06 May 2016 00:00:00 +0530 Fri, 27 May 2016 10:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328164 The Tribunal upheld the CIT(A)'s decision, ruling that acknowledging loans through journal entries did not violate Section 269SS of the Income Tax Act as the transactions were genuine and did not involve actual cash loans. Consequently, the penalty under Section 271D was deemed inapplicable. Both the revenue's appeal and the assessee's cross-objection were dismissed in the final pronouncement on 6th May 2016. Case-Laws Income Tax Fri, 06 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328164