https://www.taxtmi.com/caselaws?id=401180 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to cancel the penalty imposed under section 271D of the Income Tax Act, 1961. The Tribunal found that the cash receipts were trade transactions, not loans, due to unforeseen circumstances, including the death of the Managing Director. Emphasizing the business nature of the transactions and the reasonable cause for accepting cash during the specified period, the Tribunal dismissed both the revenue's appeal and the assessee's cross objections. en-us Mon, 23 Nov 2020 00:00:00 +0530 Mon, 30 Nov 2020 11:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401180 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to cancel the penalty imposed under section 271D of the Income Tax Act, 1961. The Tribunal found that the cash receipts were trade transactions, not loans, due to unforeseen circumstances, including the death of the Managing Director. Emphasizing the business nature of the transactions and the reasonable cause for accepting cash during the specified period, the Tribunal dismissed both the revenue's appeal and the assessee's cross objections. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401180