https://www.taxtmi.com/caselaws?id=371075 The Tribunal upheld penalties under Sections 271D and 271E of the Income Tax Act in a case involving cash transactions between assessee companies, their director, and a third party. The Tribunal found that the cash loans and repayments were not justified by genuine business exigencies, leading to penalties for contraventions of Sections 269SS and 269T. Despite invoking Section 273B for reasonable cause, the Tribunal ruled against the assessee, emphasizing the lack of substantiated urgency. Judicial precedents cited were deemed inapplicable, resulting in the dismissal of appeals and affirmation of penalties for laundering unaccounted funds. en-us Mon, 26 Nov 2018 00:00:00 +0530 Thu, 17 Jan 2019 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371075 The Tribunal upheld penalties under Sections 271D and 271E of the Income Tax Act in a case involving cash transactions between assessee companies, their director, and a third party. The Tribunal found that the cash loans and repayments were not justified by genuine business exigencies, leading to penalties for contraventions of Sections 269SS and 269T. Despite invoking Section 273B for reasonable cause, the Tribunal ruled against the assessee, emphasizing the lack of substantiated urgency. Judicial precedents cited were deemed inapplicable, resulting in the dismissal of appeals and affirmation of penalties for laundering unaccounted funds. Case-Laws Income Tax Mon, 26 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371075