https://www.taxtmi.com/caselaws?id=193628 The Appellate Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D & 271E of the Income Tax Act for the Assessment Year 2007-08. The Tribunal found that the transactions with identifiable agriculturists had a reasonable cause and were genuine, not aimed at tax evasion. Emphasizing the importance of considering reasonable cause and genuineness, the Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order. en-us Mon, 25 Jul 2016 00:00:00 +0530 Thu, 10 Aug 2017 06:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193628 The Appellate Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D & 271E of the Income Tax Act for the Assessment Year 2007-08. The Tribunal found that the transactions with identifiable agriculturists had a reasonable cause and were genuine, not aimed at tax evasion. Emphasizing the importance of considering reasonable cause and genuineness, the Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s order. Case-Laws Income Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193628