https://www.taxtmi.com/caselaws?id=393643 The tribunal set aside the penalties imposed by the Addl.CIT under Section 271E of the Income Tax Act. It found the transactions genuine, involving closely associated parties, and supported by reasonable cause for repayments made otherwise than by crossed cheques or demand drafts. The tribunal emphasized the evidence provided by the assessee, leading to the cancellation of penalties in both issues regarding loan repayments and deposits to various parties. en-us Wed, 18 Mar 2020 00:00:00 +0530 Wed, 22 Jul 2020 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393643 The tribunal set aside the penalties imposed by the Addl.CIT under Section 271E of the Income Tax Act. It found the transactions genuine, involving closely associated parties, and supported by reasonable cause for repayments made otherwise than by crossed cheques or demand drafts. The tribunal emphasized the evidence provided by the assessee, leading to the cancellation of penalties in both issues regarding loan repayments and deposits to various parties. Case-Laws Income Tax Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393643