https://www.taxtmi.com/caselaws?id=393822 The Appellate Tribunal allowed the appeal, overturning the penalty order imposed under section 271E of the Income Tax Act for the assessment year 2011-12. The Tribunal found that the repayment of an unsecured loan to a village welfare society by the registered society was made through recognized banking channels, in compliance with the law. Emphasizing the genuine nature of the transaction and the charitable purpose served, the Tribunal deleted the penalty of 3,75,000, highlighting the importance of adhering to prescribed modes of payment to avoid penalties under the Income Tax Act. en-us Fri, 20 Mar 2020 00:00:00 +0530 Sat, 21 Mar 2020 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393822 The Appellate Tribunal allowed the appeal, overturning the penalty order imposed under section 271E of the Income Tax Act for the assessment year 2011-12. The Tribunal found that the repayment of an unsecured loan to a village welfare society by the registered society was made through recognized banking channels, in compliance with the law. Emphasizing the genuine nature of the transaction and the charitable purpose served, the Tribunal deleted the penalty of 3,75,000, highlighting the importance of adhering to prescribed modes of payment to avoid penalties under the Income Tax Act. Case-Laws Income Tax Fri, 20 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393822