https://www.taxtmi.com/caselaws?id=361784 The Tribunal upheld the penalty imposed on the Assessee under sections 271D and 271E of the Income Tax Act, 1961 for Assessment Year 2013-14. The decision emphasized the lack of concrete evidence supporting the Assessee's claim that a cash transaction exceeding prescribed limits was a booking advance for film distribution. The Tribunal found the Assessee's explanations unsubstantiated, leading to the confirmation of the penalty. The judgment underscores the importance of maintaining proper records, transparency, and adherence to legal requirements in financial transactions to avoid penalties under the Income Tax Act. en-us Mon, 11 Jun 2018 00:00:00 +0530 Thu, 14 Jun 2018 09:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361784 The Tribunal upheld the penalty imposed on the Assessee under sections 271D and 271E of the Income Tax Act, 1961 for Assessment Year 2013-14. The decision emphasized the lack of concrete evidence supporting the Assessee's claim that a cash transaction exceeding prescribed limits was a booking advance for film distribution. The Tribunal found the Assessee's explanations unsubstantiated, leading to the confirmation of the penalty. The judgment underscores the importance of maintaining proper records, transparency, and adherence to legal requirements in financial transactions to avoid penalties under the Income Tax Act. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361784