https://www.taxtmi.com/caselaws?id=328985 The Tribunal allowed the appeal and deleted the penalty imposed under section 271E for violating Section 269T provisions. The decision emphasized that penalties should target black money, not genuine transactions, and authorities must exercise discretion judiciously. Citing precedents, the Tribunal found the genuine nature of transactions and reasonable cause for non-compliance, leading to the penalty deletion. The decision was based on legislative intent, judicial precedents, and the absence of intentional violations. en-us Fri, 17 Jun 2016 00:00:00 +0530 Mon, 20 Jun 2016 12:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328985 The Tribunal allowed the appeal and deleted the penalty imposed under section 271E for violating Section 269T provisions. The decision emphasized that penalties should target black money, not genuine transactions, and authorities must exercise discretion judiciously. Citing precedents, the Tribunal found the genuine nature of transactions and reasonable cause for non-compliance, leading to the penalty deletion. The decision was based on legislative intent, judicial precedents, and the absence of intentional violations. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328985