https://www.taxtmi.com/caselaws?id=416097 The Tribunal set aside the penalty imposed under section 271D of the Income-tax Act, 1961 on M/s. Malik Movies Organiser Pvt. Ltd. for receiving a cash loan, ruling the transaction genuine and for business purposes with no tax evasion. The Tribunal found the penalty unjustified, deleting it despite the Commissioner of Income-tax (Appeals) failing to consider other grounds raised by the assessee. The decision highlighted the importance of assessing individual circumstances in tax penalty cases, ultimately leading to the deletion of the penalty. en-us Thu, 25 Nov 2021 00:00:00 +0530 Tue, 09 Aug 2022 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416097 The Tribunal set aside the penalty imposed under section 271D of the Income-tax Act, 1961 on M/s. Malik Movies Organiser Pvt. Ltd. for receiving a cash loan, ruling the transaction genuine and for business purposes with no tax evasion. The Tribunal found the penalty unjustified, deleting it despite the Commissioner of Income-tax (Appeals) failing to consider other grounds raised by the assessee. The decision highlighted the importance of assessing individual circumstances in tax penalty cases, ultimately leading to the deletion of the penalty. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416097