https://www.taxtmi.com/caselaws?id=394830 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete penalties under Sections 271D and 271E of the Income Tax Act. The Tribunal found that the assessee operated under a bona fide belief, and the transactions were genuine, conducted in the regular course of business. It was noted that the society's operations were akin to banking, with deposits not intended for tax evasion. The Tribunal emphasized that penalties should not be imposed for technical breaches, leading to the dismissal of the Revenue's appeal. en-us Wed, 12 Feb 2020 00:00:00 +0530 Mon, 27 Apr 2020 08:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394830 The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete penalties under Sections 271D and 271E of the Income Tax Act. The Tribunal found that the assessee operated under a bona fide belief, and the transactions were genuine, conducted in the regular course of business. It was noted that the society's operations were akin to banking, with deposits not intended for tax evasion. The Tribunal emphasized that penalties should not be imposed for technical breaches, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Wed, 12 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394830