https://www.taxtmi.com/caselaws?id=392777 The Tribunal upheld the deletion of penalties by the Ld. CIT(A), ruling that the transactions were genuine, occurred in the regular course of business, and the assessee had reasonable cause to believe the journal entries did not breach sections 269SS/269T. Additionally, the penalties were deemed time-barred under section 275(1)(c) as they were issued beyond the six-month limit from the assessment order's reference to the Addl. CIT. The Revenue's appeals were dismissed, and the assessee's cross objections were allowed, with the request for a Special Bench referral denied due to prior rulings by the High Court and Supreme Court. en-us Fri, 31 Jan 2020 00:00:00 +0530 Thu, 27 Feb 2020 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392777 The Tribunal upheld the deletion of penalties by the Ld. CIT(A), ruling that the transactions were genuine, occurred in the regular course of business, and the assessee had reasonable cause to believe the journal entries did not breach sections 269SS/269T. Additionally, the penalties were deemed time-barred under section 275(1)(c) as they were issued beyond the six-month limit from the assessment order's reference to the Addl. CIT. The Revenue's appeals were dismissed, and the assessee's cross objections were allowed, with the request for a Special Bench referral denied due to prior rulings by the High Court and Supreme Court. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392777