https://www.taxtmi.com/caselaws?id=364650 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E, finding that the transactions were genuine and made for business exigencies without tax evasion intent. The Tribunal considered the reasonable cause established by the assessee under section 273B, referencing prior judgments supporting the assessee's position. The decision emphasized the importance of genuine business transactions in determining penalty applicability under the Income Tax Act, ultimately dismissing the Revenue's appeals. en-us Mon, 30 Jul 2018 00:00:00 +0530 Wed, 01 Aug 2018 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364650 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E, finding that the transactions were genuine and made for business exigencies without tax evasion intent. The Tribunal considered the reasonable cause established by the assessee under section 273B, referencing prior judgments supporting the assessee's position. The decision emphasized the importance of genuine business transactions in determining penalty applicability under the Income Tax Act, ultimately dismissing the Revenue's appeals. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364650