https://www.taxtmi.com/caselaws?id=386501 The High Court allowed the Appeals in favor of the Assessee, overturning the penalties imposed under Sections 271D and 271E of the Income Tax Act. The Court emphasized the need for a liberal view, considering the Assessee's efforts to rectify transactions by opening a bank account and the previous year's penalty waiver. The Court held that the Assessee should not be penalized for addressing the issues and distinguished the facts from a previous judgment cited by the Respondent. en-us Thu, 05 Sep 2019 00:00:00 +0530 Sun, 29 Sep 2019 06:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386501 The High Court allowed the Appeals in favor of the Assessee, overturning the penalties imposed under Sections 271D and 271E of the Income Tax Act. The Court emphasized the need for a liberal view, considering the Assessee's efforts to rectify transactions by opening a bank account and the previous year's penalty waiver. The Court held that the Assessee should not be penalized for addressing the issues and distinguished the facts from a previous judgment cited by the Respondent. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386501