https://www.taxtmi.com/caselaws?id=354558 The ITAT upheld the CIT(A) order and quashed the penalty under section 271D, ruling that the transactions were made through drafts and cheques, with no evidence of cash payments. The absence of a bank account at the time of the transactions due to the company not being incorporated then was considered. The appeal by the Revenue challenging the CIT(A) decision was dismissed, and the penalty order was set aside. en-us Wed, 13 Dec 2017 00:00:00 +0530 Wed, 31 Jan 2018 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354558 The ITAT upheld the CIT(A) order and quashed the penalty under section 271D, ruling that the transactions were made through drafts and cheques, with no evidence of cash payments. The absence of a bank account at the time of the transactions due to the company not being incorporated then was considered. The appeal by the Revenue challenging the CIT(A) decision was dismissed, and the penalty order was set aside. Case-Laws Income Tax Wed, 13 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354558