https://www.taxtmi.com/caselaws?id=407462 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act, finding that the assessee had reasonable cause for journal entries made. The revenue's appeals were dismissed as the transactions were genuine, conducted in the ordinary course of business, and not intended to evade tax. The Tribunal differentiated between transactions before and after 12.06.2012, holding that reasonable cause existed for entries made before this date based on prior judicial interpretations. Transactions after 12.06.2012 were also deemed genuine business transactions. en-us Thu, 08 Apr 2021 00:00:00 +0530 Tue, 11 May 2021 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407462 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act, finding that the assessee had reasonable cause for journal entries made. The revenue's appeals were dismissed as the transactions were genuine, conducted in the ordinary course of business, and not intended to evade tax. The Tribunal differentiated between transactions before and after 12.06.2012, holding that reasonable cause existed for entries made before this date based on prior judicial interpretations. Transactions after 12.06.2012 were also deemed genuine business transactions. Case-Laws Income Tax Thu, 08 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407462