https://www.taxtmi.com/caselaws?id=183114 The Tribunal allowed the assessee's appeals, ruling that penalties under sections 271D and 271E were unwarranted due to the nature of transactions with the director, following a precedent set by the Madras High Court. The transactions were deemed as current account dealings, not loans, leading to the deletion of penalties imposed by the AO and upheld by the CIT(A). en-us Tue, 24 May 2011 00:00:00 +0530 Mon, 30 May 2016 11:06:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183114 The Tribunal allowed the assessee's appeals, ruling that penalties under sections 271D and 271E were unwarranted due to the nature of transactions with the director, following a precedent set by the Madras High Court. The transactions were deemed as current account dealings, not loans, leading to the deletion of penalties imposed by the AO and upheld by the CIT(A). Case-Laws Income Tax Tue, 24 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183114