https://www.taxtmi.com/caselaws?id=286096 The Appellate Tribunal ITAT Mumbai allowed both appeals for statistical purposes on August 16, 2013. The Tribunal set aside the penalties imposed under sections 271D and 271E of the Income-tax Act, 1961, directing the Assessing Officer to reconsider the penalties based on the demonstration of a reasonable cause by the appellant in each case. The decisions emphasized the necessity of establishing a reasonable cause for violations related to loans received or repaid through journal entries, as clarified by the Hon'ble Bombay High Court's judgment in a related case. en-us Fri, 16 Aug 2013 00:00:00 +0530 Fri, 03 Mar 2023 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286096 The Appellate Tribunal ITAT Mumbai allowed both appeals for statistical purposes on August 16, 2013. The Tribunal set aside the penalties imposed under sections 271D and 271E of the Income-tax Act, 1961, directing the Assessing Officer to reconsider the penalties based on the demonstration of a reasonable cause by the appellant in each case. The decisions emphasized the necessity of establishing a reasonable cause for violations related to loans received or repaid through journal entries, as clarified by the Hon'ble Bombay High Court's judgment in a related case. Case-Laws Income Tax Fri, 16 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286096