https://www.taxtmi.com/caselaws?id=11731 HC dismissed appeal challenging deletion of penalty under section 271D. Tribunal correctly upheld Commissioner's decision to delete Rs. 4,50,000 penalty imposed on assessee. Court found no mens rea established from transaction's nature and manner. No justification existed for remanding matter to Commissioner for fresh adjudication regarding reasonableness under section 273B. Penalty deletion was justified and legally correct in the circumstances. en-us Thu, 17 Jul 2003 00:00:00 +0530 Mon, 09 Jun 2025 13:14:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11731 HC dismissed appeal challenging deletion of penalty under section 271D. Tribunal correctly upheld Commissioner's decision to delete Rs. 4,50,000 penalty imposed on assessee. Court found no mens rea established from transaction's nature and manner. No justification existed for remanding matter to Commissioner for fresh adjudication regarding reasonableness under section 273B. Penalty deletion was justified and legally correct in the circumstances. Case-Laws Income Tax Thu, 17 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11731