https://www.taxtmi.com/caselaws?id=401552 The Tribunal condoned a four-day delay in filing the appeal due to the Chairman & Managing Director's ill health, allowing the appeals to proceed. The assessee's violation of sections 269SS and 269T was identified, resulting in penalties under sections 271D and 271E. The Tribunal recognized the merit in the assessee's argument regarding sister concerns and fund transfers, remitting the matter to verify transactions. If transactions were from bank withdrawals and duly recorded, penalties were to be deleted, emphasizing adherence to legal provisions. The appeals were allowed for reevaluation based on ownership relationships and transaction recording, reflecting a nuanced approach to cash dealings in the real estate sector. en-us Tue, 08 Dec 2020 00:00:00 +0530 Thu, 10 Dec 2020 05:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401552 The Tribunal condoned a four-day delay in filing the appeal due to the Chairman & Managing Director's ill health, allowing the appeals to proceed. The assessee's violation of sections 269SS and 269T was identified, resulting in penalties under sections 271D and 271E. The Tribunal recognized the merit in the assessee's argument regarding sister concerns and fund transfers, remitting the matter to verify transactions. If transactions were from bank withdrawals and duly recorded, penalties were to be deleted, emphasizing adherence to legal provisions. The appeals were allowed for reevaluation based on ownership relationships and transaction recording, reflecting a nuanced approach to cash dealings in the real estate sector. Case-Laws Income Tax Tue, 08 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401552