https://www.taxtmi.com/caselaws?id=357614 The High Court held that the Tribunal erred in deleting the penalty under Section 271D of the Income Tax Act. The Tribunal's decision was criticized for not aligning with the statutory intent to prevent money laundering and traceable transactions. The Court found the assessee's explanations insufficient, emphasizing that ignorance of the law cannot justify penalty mitigation. The burden of proof was not met by the assessee, leading to the Court affirming the penalty and remanding a specific loan issue for further investigation. en-us Tue, 13 Mar 2018 00:00:00 +0530 Wed, 13 May 2026 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357614 The High Court held that the Tribunal erred in deleting the penalty under Section 271D of the Income Tax Act. The Tribunal's decision was criticized for not aligning with the statutory intent to prevent money laundering and traceable transactions. The Court found the assessee's explanations insufficient, emphasizing that ignorance of the law cannot justify penalty mitigation. The burden of proof was not met by the assessee, leading to the Court affirming the penalty and remanding a specific loan issue for further investigation. Case-Laws Income Tax Tue, 13 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357614