https://www.taxtmi.com/caselaws?id=359167 The tribunal set aside the CIT(A)'s decision to uphold penalties under sections 271D and 271E for violations of Sections 269SS and 269T of the Act. The tribunal found that the cash transactions between the assessee, their brother, and father were for genuine business needs, not involving unaccounted money. Emphasizing the legislative intent to prevent false explanations for unaccounted money, the tribunal concluded that no penalty was warranted due to the genuine nature of the transactions. Consequently, the penalties imposed were directed to be deleted, and both appeals by the assessee were allowed. en-us Thu, 19 Apr 2018 00:00:00 +0530 Wed, 25 Apr 2018 06:17:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359167 The tribunal set aside the CIT(A)'s decision to uphold penalties under sections 271D and 271E for violations of Sections 269SS and 269T of the Act. The tribunal found that the cash transactions between the assessee, their brother, and father were for genuine business needs, not involving unaccounted money. Emphasizing the legislative intent to prevent false explanations for unaccounted money, the tribunal concluded that no penalty was warranted due to the genuine nature of the transactions. Consequently, the penalties imposed were directed to be deleted, and both appeals by the assessee were allowed. Case-Laws Income Tax Thu, 19 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359167