https://www.taxtmi.com/caselaws?id=9755 The High Court of MADRAS affirmed the decision of the Income-tax Appellate Tribunal to delete penalties imposed under sections 271D and 271E for contravention of sections 269SS and 269T. The Court found that the transactions were recorded in the books and the contravention was due to meeting an overdraft account demand, not involving unaccounted transactions. Relying on a similar Delhi High Court case, the Court held that there was a reasonable cause for non-compliance with section 269SS, dismissing the appeals and ruling in favor of the assessee with no costs awarded. en-us Thu, 10 Nov 2005 00:00:00 +0530 Tue, 30 Jun 2009 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9755 The High Court of MADRAS affirmed the decision of the Income-tax Appellate Tribunal to delete penalties imposed under sections 271D and 271E for contravention of sections 269SS and 269T. The Court found that the transactions were recorded in the books and the contravention was due to meeting an overdraft account demand, not involving unaccounted transactions. Relying on a similar Delhi High Court case, the Court held that there was a reasonable cause for non-compliance with section 269SS, dismissing the appeals and ruling in favor of the assessee with no costs awarded. Case-Laws Income Tax Thu, 10 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9755