https://www.taxtmi.com/caselaws?id=280830 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty under section 271D of the I.T. Act. The decision was based on the genuine nature of the transactions, absence of satisfaction regarding contravention of the Act, and the reasonable cause for cash transactions in the liquor business context. The Ld. CIT(A) found the additions unjustified, as funds were taken from an Association of Persons due to an urgent need for cash for liquor business operations, leading to the cancellation of the penalty. en-us Mon, 28 Aug 2017 00:00:00 +0530 Thu, 23 May 2019 06:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280830 The Tribunal dismissed the Revenue's appeal, upholding the cancellation of the penalty under section 271D of the I.T. Act. The decision was based on the genuine nature of the transactions, absence of satisfaction regarding contravention of the Act, and the reasonable cause for cash transactions in the liquor business context. The Ld. CIT(A) found the additions unjustified, as funds were taken from an Association of Persons due to an urgent need for cash for liquor business operations, leading to the cancellation of the penalty. Case-Laws Income Tax Mon, 28 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280830