https://www.taxtmi.com/caselaws?id=366017 The ITAT upheld the CIT(A)'s decision to delete a penalty of Rs. 1,70,00,000 imposed under sections 271D and 269SS of the Income Tax Act. The loans accepted by the assessee were deemed genuine, meeting urgent cash needs for labor payments at remote sites. Legal precedents and the Assessing Officer's verification supported the deletion, emphasizing business expediency and lack of tax evasion motives. The ITAT found no reason to overturn the CIT(A)'s order, affirming the penalty deletion and dismissing the revenue's appeal. en-us Fri, 24 Aug 2018 00:00:00 +0530 Tue, 28 Aug 2018 10:33:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366017 The ITAT upheld the CIT(A)'s decision to delete a penalty of Rs. 1,70,00,000 imposed under sections 271D and 269SS of the Income Tax Act. The loans accepted by the assessee were deemed genuine, meeting urgent cash needs for labor payments at remote sites. Legal precedents and the Assessing Officer's verification supported the deletion, emphasizing business expediency and lack of tax evasion motives. The ITAT found no reason to overturn the CIT(A)'s order, affirming the penalty deletion and dismissing the revenue's appeal. Case-Laws Income Tax Fri, 24 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366017