https://www.taxtmi.com/caselaws?id=283748 The Tribunal allowed all appeals of the assessee, setting aside the penalties imposed under Sections 271D and 271E for violating Sections 269SS and 269T. The Tribunal found that the assessee had genuine reasons for resorting to cash transactions due to financial constraints, and all loan transactions were transparent through banking channels. Therefore, the penalties were waived under Section 273B, distinguishing this case from others where such genuine reasons were not established. The orders of the CIT(A) were overturned, and the penalties were deleted for all relevant assessment years. en-us Mon, 28 Jan 2019 00:00:00 +0530 Thu, 10 Oct 2019 11:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283748 The Tribunal allowed all appeals of the assessee, setting aside the penalties imposed under Sections 271D and 271E for violating Sections 269SS and 269T. The Tribunal found that the assessee had genuine reasons for resorting to cash transactions due to financial constraints, and all loan transactions were transparent through banking channels. Therefore, the penalties were waived under Section 273B, distinguishing this case from others where such genuine reasons were not established. The orders of the CIT(A) were overturned, and the penalties were deleted for all relevant assessment years. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283748