https://www.taxtmi.com/caselaws?id=286113 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act for assessment years 2008-09 and 2009-10. It found that the transactions involving loans/deposits through journal entries were genuine, made for business exigencies, and not for tax evasion. The Tribunal determined that there was a reasonable cause for non-compliance with sections 269SS and 269T, referencing prior Tribunal decisions and the decision in Triumph International Finance (I) Ltd. The Revenue's appeals were dismissed, affirming the assessee's position. en-us Wed, 26 Jun 2019 00:00:00 +0530 Wed, 12 Feb 2020 18:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286113 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act for assessment years 2008-09 and 2009-10. It found that the transactions involving loans/deposits through journal entries were genuine, made for business exigencies, and not for tax evasion. The Tribunal determined that there was a reasonable cause for non-compliance with sections 269SS and 269T, referencing prior Tribunal decisions and the decision in Triumph International Finance (I) Ltd. The Revenue's appeals were dismissed, affirming the assessee's position. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286113