https://www.taxtmi.com/caselaws?id=299734 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act. It was found that the transactions involving loans/deposits through journal entries were genuine and undertaken for legitimate business reasons, constituting a reasonable cause under section 273B. The Tribunal emphasized that the prior decisions of the Hon'ble Bombay High Court supported this reasoning. As a result, the penalties were deemed unjustified, and the Revenue's appeals were dismissed. en-us Mon, 15 Oct 2018 00:00:00 +0530 Tue, 09 Aug 2022 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299734 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act. It was found that the transactions involving loans/deposits through journal entries were genuine and undertaken for legitimate business reasons, constituting a reasonable cause under section 273B. The Tribunal emphasized that the prior decisions of the Hon'ble Bombay High Court supported this reasoning. As a result, the penalties were deemed unjustified, and the Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299734