https://www.taxtmi.com/caselaws?id=282770 The Tribunal upheld the deletion of the penalty under sections 271D and 269SS, emphasizing that the transaction was bonafide and not for tax evasion purposes. The Tribunal's analysis clarified that section 269SS does not apply to journal entries and highlighted that penalties may not be imposed if transactions are bonafide. The decision aligned with established case law, dismissing the appeal and affirming the deletion of the penalty. en-us Mon, 08 May 2017 00:00:00 +0530 Thu, 22 Aug 2019 20:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282770 The Tribunal upheld the deletion of the penalty under sections 271D and 269SS, emphasizing that the transaction was bonafide and not for tax evasion purposes. The Tribunal's analysis clarified that section 269SS does not apply to journal entries and highlighted that penalties may not be imposed if transactions are bonafide. The decision aligned with established case law, dismissing the appeal and affirming the deletion of the penalty. Case-Laws Income Tax Mon, 08 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282770