https://www.taxtmi.com/caselaws?id=402816 The Tribunal allowed the appeal, canceling the penalty imposed under section 271E of the Income Tax Act, 1961 for the assessment year 2013-14. The penalty was deleted as there was a reasonable cause for the cash repayments made by the assessee, which were found to be genuine and justified due to the urgency to avoid default penalties. The Tribunal emphasized that penalties should not be imposed for technical violations when transactions are genuine, following the precedent set in the Hindustan Steel Ltd. case. en-us Wed, 06 Jan 2021 00:00:00 +0530 Wed, 13 Jan 2021 11:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402816 The Tribunal allowed the appeal, canceling the penalty imposed under section 271E of the Income Tax Act, 1961 for the assessment year 2013-14. The penalty was deleted as there was a reasonable cause for the cash repayments made by the assessee, which were found to be genuine and justified due to the urgency to avoid default penalties. The Tribunal emphasized that penalties should not be imposed for technical violations when transactions are genuine, following the precedent set in the Hindustan Steel Ltd. case. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402816