https://www.taxtmi.com/caselaws?id=332285 The Tribunal set aside penalties imposed under sections 271D and 271E for cash transactions, directing a fresh examination by the Addl CIT. Disputes over Share Application money versus loans were noted, with the assessee's urgent business needs as a reasonable cause for cash transactions considered. The Tribunal emphasized the burden of proof on the assessee and the importance of substantiating claims with evidence. The Tribunal highlighted the need for a thorough review of all explanations and information provided, ensuring a fair assessment of the transactions. en-us Wed, 03 Aug 2016 00:00:00 +0530 Wed, 14 Sep 2016 13:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332285 The Tribunal set aside penalties imposed under sections 271D and 271E for cash transactions, directing a fresh examination by the Addl CIT. Disputes over Share Application money versus loans were noted, with the assessee's urgent business needs as a reasonable cause for cash transactions considered. The Tribunal emphasized the burden of proof on the assessee and the importance of substantiating claims with evidence. The Tribunal highlighted the need for a thorough review of all explanations and information provided, ensuring a fair assessment of the transactions. Case-Laws Income Tax Wed, 03 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332285