https://www.taxtmi.com/caselaws?id=395267 The Tribunal remanded the case back to the Assessing Officer for proper adjudication, directing verification of the genuineness of transactions and deciding on penalties under Section 271D. The appeal was partly allowed for statistical purposes, ensuring the appellant's right to a fair hearing following principles of natural justice. The decision highlights the importance of thoroughly examining facts and evidence in the context of Sections 269SS and 271D, emphasizing the need to consider the genuine nature of transactions and reasonable cause before imposing penalties. en-us Tue, 05 May 2020 00:00:00 +0530 Thu, 14 May 2020 12:46:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395267 The Tribunal remanded the case back to the Assessing Officer for proper adjudication, directing verification of the genuineness of transactions and deciding on penalties under Section 271D. The appeal was partly allowed for statistical purposes, ensuring the appellant's right to a fair hearing following principles of natural justice. The decision highlights the importance of thoroughly examining facts and evidence in the context of Sections 269SS and 271D, emphasizing the need to consider the genuine nature of transactions and reasonable cause before imposing penalties. Case-Laws Income Tax Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395267