https://www.taxtmi.com/caselaws?id=339541 The High Court allowed the appeal, setting aside the Tribunal's order imposing a penalty under Section 271D of the Income Tax Act. The Court emphasized that penalties should not apply when transactions are genuine, revenue is unaffected, and parties act in good faith. It highlighted that technical errors should not result in penalties, particularly when parties believe their actions are lawful. en-us Wed, 22 Feb 2017 00:00:00 +0530 Tue, 28 Feb 2017 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339541 The High Court allowed the appeal, setting aside the Tribunal's order imposing a penalty under Section 271D of the Income Tax Act. The Court emphasized that penalties should not apply when transactions are genuine, revenue is unaffected, and parties act in good faith. It highlighted that technical errors should not result in penalties, particularly when parties believe their actions are lawful. Case-Laws Income Tax Wed, 22 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339541