https://www.taxtmi.com/caselaws?id=282793 The High Court upheld the Tribunal's decision regarding the interpretation of Section 269SS and Section 271D of the Income Tax Act, 1961, emphasizing the necessity of concrete evidence of actual money transactions before initiating penalty proceedings based on journal entries. The Court dismissed the appeal, affirming the Tribunal's approach of seeking clarification on the actual flow of money. Similarly, the Court upheld the Tribunal's decision on the acceptance of a loan, requiring evidence of the actual receipt of the loan before considering penalty proceedings under Section 271D. The appeal was consequently dismissed, emphasizing the importance of substantiating transactions with concrete evidence. en-us Fri, 31 Jan 2014 00:00:00 +0530 Fri, 23 Aug 2019 20:39:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282793 The High Court upheld the Tribunal's decision regarding the interpretation of Section 269SS and Section 271D of the Income Tax Act, 1961, emphasizing the necessity of concrete evidence of actual money transactions before initiating penalty proceedings based on journal entries. The Court dismissed the appeal, affirming the Tribunal's approach of seeking clarification on the actual flow of money. Similarly, the Court upheld the Tribunal's decision on the acceptance of a loan, requiring evidence of the actual receipt of the loan before considering penalty proceedings under Section 271D. The appeal was consequently dismissed, emphasizing the importance of substantiating transactions with concrete evidence. Case-Laws Income Tax Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282793