https://www.taxtmi.com/caselaws?id=362204 The ITAT allowed the appeals, emphasizing genuineness and reasonable cause in loan transactions. The decision aligned with the High Court's emphasis on proving a reasonable cause to avoid penalties under the Income Tax Act. The judgments highlighted the significance of factual evidence and compliance with statutory obligations to avoid penalties, leading to the dismissal of penalties imposed under sections 271-D and 271-E. en-us Mon, 11 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 22:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362204 The ITAT allowed the appeals, emphasizing genuineness and reasonable cause in loan transactions. The decision aligned with the High Court's emphasis on proving a reasonable cause to avoid penalties under the Income Tax Act. The judgments highlighted the significance of factual evidence and compliance with statutory obligations to avoid penalties, leading to the dismissal of penalties imposed under sections 271-D and 271-E. Case-Laws Income Tax Mon, 11 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362204