https://www.taxtmi.com/caselaws?id=273907 The Tribunal dismissed both appeals by the Revenue, upholding the CIT(A)'s decisions to quash the penalties imposed under sections 271D and 271E for the assessment year 2005-06. The penalties were found to be erroneous and invalid as they related to transactions from different assessment years, emphasizing that penalties should align with the facts of the relevant assessment year. en-us Fri, 06 Dec 2013 00:00:00 +0530 Thu, 19 Jul 2018 15:48:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273907 The Tribunal dismissed both appeals by the Revenue, upholding the CIT(A)'s decisions to quash the penalties imposed under sections 271D and 271E for the assessment year 2005-06. The penalties were found to be erroneous and invalid as they related to transactions from different assessment years, emphasizing that penalties should align with the facts of the relevant assessment year. Case-Laws Income Tax Fri, 06 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273907