https://www.taxtmi.com/caselaws?id=332037 The High Court dismissed the appeal, affirming that the transactions did not violate Section 269T of the Income Tax Act. It held that no penalty under Section 271E was applicable as the transactions were genuine and not aimed at tax evasion. The court emphasized interpreting tax provisions in line with commercial practices while maintaining the legislative intent to discourage cash transactions. en-us Mon, 22 Aug 2016 00:00:00 +0530 Thu, 08 Sep 2016 19:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332037 The High Court dismissed the appeal, affirming that the transactions did not violate Section 269T of the Income Tax Act. It held that no penalty under Section 271E was applicable as the transactions were genuine and not aimed at tax evasion. The court emphasized interpreting tax provisions in line with commercial practices while maintaining the legislative intent to discourage cash transactions. Case-Laws Income Tax Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332037