https://www.taxtmi.com/caselaws?id=367673 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order to delete the penalty under Section 271D of the Income Tax Act. The Tribunal found that the transactions were borrowings, not advances, emphasizing the need for consistency in the Revenue's stance. The decision was based on a detailed analysis of seized documents and relevant judicial precedents, ensuring the penalty was not imposed without proper evidence. en-us Thu, 20 Sep 2018 00:00:00 +0530 Mon, 24 Sep 2018 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367673 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order to delete the penalty under Section 271D of the Income Tax Act. The Tribunal found that the transactions were borrowings, not advances, emphasizing the need for consistency in the Revenue's stance. The decision was based on a detailed analysis of seized documents and relevant judicial precedents, ensuring the penalty was not imposed without proper evidence. Case-Laws Income Tax Thu, 20 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367673