https://www.taxtmi.com/caselaws?id=375373 The court upheld penalties under Sections 271D and 271E in a case involving transactions between a director and an appellant company, finding violations of Sections 269SS and 269T. Despite transactions being genuine and taxed in the financier's hands, penalties were imposed as statutory compliance was necessary. Penalties applied to each entity in the chain of transactions, with utilization charts not deemed equivalent to cash flow statements. Claims of commercial expediency and business compulsions were rejected, leading to the dismissal of appeals and affirmation of penalties, emphasizing evasion of statutory provisions. en-us Tue, 05 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 15:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375373 The court upheld penalties under Sections 271D and 271E in a case involving transactions between a director and an appellant company, finding violations of Sections 269SS and 269T. Despite transactions being genuine and taxed in the financier's hands, penalties were imposed as statutory compliance was necessary. Penalties applied to each entity in the chain of transactions, with utilization charts not deemed equivalent to cash flow statements. Claims of commercial expediency and business compulsions were rejected, leading to the dismissal of appeals and affirmation of penalties, emphasizing evasion of statutory provisions. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375373