https://www.taxtmi.com/caselaws?id=274179 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under Section 271D, except for a minor amount taken in cash, thereby contravening Section 269SS. The ITAT found that transactions through journal entries were genuine and for commercial reasons. The assessee had reasonable cause for the contravention as supported by judicial precedents. The appeal of the Revenue was dismissed. en-us Thu, 31 May 2018 00:00:00 +0530 Tue, 31 Jul 2018 21:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274179 The ITAT upheld the CIT(A)'s decision to delete the penalty imposed under Section 271D, except for a minor amount taken in cash, thereby contravening Section 269SS. The ITAT found that transactions through journal entries were genuine and for commercial reasons. The assessee had reasonable cause for the contravention as supported by judicial precedents. The appeal of the Revenue was dismissed. Case-Laws Income Tax Thu, 31 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274179