https://www.taxtmi.com/caselaws?id=299733 The Tribunal upheld the deletion of a penalty under Section 271E of the Income Tax Act, 1961, amounting to Rs. 6,77,10,573, as it found the transactions genuine and not aimed at tax evasion. The Tribunal also dismissed the Revenue's appeal regarding contravention of Section 269T, accepting the assessee's reasonable cause for the violation. Citing judicial precedents, including the Hon'ble Bombay High Court's decision, the Tribunal emphasized that penalties were unwarranted for genuine transactions conducted for commercial purposes. The appeal was largely in favor of the assessee, with a minor penalty upheld for a cash loan. en-us Wed, 26 Sep 2018 00:00:00 +0530 Tue, 28 Dec 2021 08:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299733 The Tribunal upheld the deletion of a penalty under Section 271E of the Income Tax Act, 1961, amounting to Rs. 6,77,10,573, as it found the transactions genuine and not aimed at tax evasion. The Tribunal also dismissed the Revenue's appeal regarding contravention of Section 269T, accepting the assessee's reasonable cause for the violation. Citing judicial precedents, including the Hon'ble Bombay High Court's decision, the Tribunal emphasized that penalties were unwarranted for genuine transactions conducted for commercial purposes. The appeal was largely in favor of the assessee, with a minor penalty upheld for a cash loan. Case-Laws Income Tax Wed, 26 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299733