https://www.taxtmi.com/caselaws?id=273360 The Appellate Tribunal allowed both appeals by the Assessee, granting penalty relief under sections 271D and 271E of the Income Tax Act for the assessment year 2001-02. The Tribunal considered the genuineness of the transactions and the lack of deliberate defiance of the law by the assessee. Relief was provided under section 273B due to unique circumstances, including the nature of transactions and the relationship between the parties. The Tribunal emphasized that penalties are not solely based on legal provisions but also on the factual conduct of the assessee. en-us Fri, 18 Oct 2013 00:00:00 +0530 Wed, 20 Jun 2018 14:41:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273360 The Appellate Tribunal allowed both appeals by the Assessee, granting penalty relief under sections 271D and 271E of the Income Tax Act for the assessment year 2001-02. The Tribunal considered the genuineness of the transactions and the lack of deliberate defiance of the law by the assessee. Relief was provided under section 273B due to unique circumstances, including the nature of transactions and the relationship between the parties. The Tribunal emphasized that penalties are not solely based on legal provisions but also on the factual conduct of the assessee. Case-Laws Income Tax Fri, 18 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273360