https://www.taxtmi.com/caselaws?id=186843 The Tribunal held that penalties under Sections 271D and 271E of the Income Tax Act were not justified as the transactions were properly recorded with no intent to deceive the Revenue. Citing precedents, including M/s. Pravez Constructions (P) Ltd. Vs. Addl. CIT, the Tribunal emphasized strict construction of penal provisions. Consequently, the penalties imposed on the assessee for accepting and repaying cash exceeding Rs. 20,000 were deleted, and the appeals were allowed. en-us Fri, 21 Jan 2011 00:00:00 +0530 Sat, 01 Oct 2016 18:20:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186843 The Tribunal held that penalties under Sections 271D and 271E of the Income Tax Act were not justified as the transactions were properly recorded with no intent to deceive the Revenue. Citing precedents, including M/s. Pravez Constructions (P) Ltd. Vs. Addl. CIT, the Tribunal emphasized strict construction of penal provisions. Consequently, the penalties imposed on the assessee for accepting and repaying cash exceeding Rs. 20,000 were deleted, and the appeals were allowed. Case-Laws Income Tax Fri, 21 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186843