https://www.taxtmi.com/caselaws?id=358414 The High Court upheld the ITAT's decision on penalty under Section 271D, dismissing the appellant's appeal. The Court found that the transactions were loans, not trade transactions, contravening Section 269SS. The Commissioner's failure to address the Additional Commissioner's report supporting the Department's stance and lack of evidence regarding raw materials as cash in the appellant's books led to the Court's decision in favor of the Department. The Court deemed the Tribunal's decision justified, emphasizing the acceptance of cash despite available funds, and rejected the appellant's arguments as lacking merit. en-us Tue, 03 Apr 2018 00:00:00 +0530 Wed, 11 Apr 2018 08:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358414 The High Court upheld the ITAT's decision on penalty under Section 271D, dismissing the appellant's appeal. The Court found that the transactions were loans, not trade transactions, contravening Section 269SS. The Commissioner's failure to address the Additional Commissioner's report supporting the Department's stance and lack of evidence regarding raw materials as cash in the appellant's books led to the Court's decision in favor of the Department. The Court deemed the Tribunal's decision justified, emphasizing the acceptance of cash despite available funds, and rejected the appellant's arguments as lacking merit. Case-Laws Income Tax Tue, 03 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358414