https://www.taxtmi.com/caselaws?id=387579 The Tribunal ruled in favor of the assessee, finding that there was a reasonable cause for the cash transactions involving family members who were agriculturists without bank accounts. The penalties under sections 271D and 271E of the IT Act were deemed inapplicable, emphasizing the genuine nature and specific purpose of the transactions. The Tribunal highlighted the importance of considering the context and authenticity of transactions when applying penal provisions, ultimately allowing the appeals. en-us Tue, 24 Sep 2019 00:00:00 +0530 Fri, 25 Oct 2019 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387579 The Tribunal ruled in favor of the assessee, finding that there was a reasonable cause for the cash transactions involving family members who were agriculturists without bank accounts. The penalties under sections 271D and 271E of the IT Act were deemed inapplicable, emphasizing the genuine nature and specific purpose of the transactions. The Tribunal highlighted the importance of considering the context and authenticity of transactions when applying penal provisions, ultimately allowing the appeals. Case-Laws Income Tax Tue, 24 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387579