https://www.taxtmi.com/caselaws?id=333616 The High Court upheld the Tribunal's decision to cancel the penalty under Section 269SS of the Income Tax Act, ruling in favor of the assessee. The Court emphasized the significance of conducting transactions through proper banking channels to comply with tax laws, specifically Section 269SS. The appeal filed by the department was dismissed, affirming that no violation occurred as no cash payments were involved in the transactions, leading to the deletion of the penalty imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur. en-us Mon, 17 Oct 2016 00:00:00 +0530 Tue, 18 Oct 2016 22:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333616 The High Court upheld the Tribunal's decision to cancel the penalty under Section 269SS of the Income Tax Act, ruling in favor of the assessee. The Court emphasized the significance of conducting transactions through proper banking channels to comply with tax laws, specifically Section 269SS. The appeal filed by the department was dismissed, affirming that no violation occurred as no cash payments were involved in the transactions, leading to the deletion of the penalty imposed by the Addl. Commissioner of Income Tax Range-6, Kanpur. Case-Laws Income Tax Mon, 17 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333616