https://www.taxtmi.com/caselaws?id=381627 The Tribunal upheld the penalty under Section 271E for violating Section 269T of the Income Tax Act. The assessee's repayment of a loan in cash to the Managing Director was deemed non-compliant with the statutory requirement of payment through an account payee cheque or draft. The Tribunal found the explanation provided by the assessee insufficient to justify the cash transaction, leading to the confirmation of the penalty imposed by the Assessing Officer. The appeal was dismissed, emphasizing the importance of adhering to legal provisions regarding financial transactions and maintaining the distinction between individuals and companies under the Income Tax Act. en-us Wed, 12 Jun 2019 00:00:00 +0530 Fri, 14 Jun 2019 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381627 The Tribunal upheld the penalty under Section 271E for violating Section 269T of the Income Tax Act. The assessee's repayment of a loan in cash to the Managing Director was deemed non-compliant with the statutory requirement of payment through an account payee cheque or draft. The Tribunal found the explanation provided by the assessee insufficient to justify the cash transaction, leading to the confirmation of the penalty imposed by the Assessing Officer. The appeal was dismissed, emphasizing the importance of adhering to legal provisions regarding financial transactions and maintaining the distinction between individuals and companies under the Income Tax Act. Case-Laws Income Tax Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381627