https://www.taxtmi.com/caselaws?id=286109 The Tribunal upheld the CIT(A)'s decision to delete penalties under Sections 271D and 271E of the Income Tax Act. It found that the transactions through journal entries were genuine, made for business exigencies, and not aimed at tax evasion. The Tribunal determined that there was a reasonable cause for non-compliance with Sections 269SS and 269T, citing prior Tribunal decisions and Bombay High Court rulings supporting the assessee's actions. The Revenue's appeals were dismissed, affirming the deletion of penalties and emphasizing the genuine nature of the transactions for business purposes. en-us Mon, 30 Jul 2018 00:00:00 +0530 Wed, 12 Feb 2020 18:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286109 The Tribunal upheld the CIT(A)'s decision to delete penalties under Sections 271D and 271E of the Income Tax Act. It found that the transactions through journal entries were genuine, made for business exigencies, and not aimed at tax evasion. The Tribunal determined that there was a reasonable cause for non-compliance with Sections 269SS and 269T, citing prior Tribunal decisions and Bombay High Court rulings supporting the assessee's actions. The Revenue's appeals were dismissed, affirming the deletion of penalties and emphasizing the genuine nature of the transactions for business purposes. Case-Laws Income Tax Mon, 30 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286109