https://www.taxtmi.com/caselaws?id=293974 The Tribunal ruled in favor of the appellant, holding that penalties under sections 271D and 271E of the Income Tax Act were unjustified. The loans obtained and repaid in cash to agriculturists without bank accounts were deemed genuine transactions with a reasonable cause for non-compliance. Citing legal precedents, the Tribunal concluded that no penalty should be imposed as per section 273B of the Act. Consequently, the penalties were deleted, and both appeals by the appellant were allowed. en-us Wed, 18 Feb 2015 00:00:00 +0530 Sat, 13 Mar 2021 08:39:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293974 The Tribunal ruled in favor of the appellant, holding that penalties under sections 271D and 271E of the Income Tax Act were unjustified. The loans obtained and repaid in cash to agriculturists without bank accounts were deemed genuine transactions with a reasonable cause for non-compliance. Citing legal precedents, the Tribunal concluded that no penalty should be imposed as per section 273B of the Act. Consequently, the penalties were deleted, and both appeals by the appellant were allowed. Case-Laws Income Tax Wed, 18 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293974