https://www.taxtmi.com/caselaws?id=299736 The Tribunal dismissed the Revenue's appeal against the imposition of penalties under sections 271D and 271E of the Income Tax Act, 1961 for the assessment years 2007-08 & 2009-10. The Tribunal relied on a previous decision of the Bombay High Court where similar penalties were deleted due to reasonable cause. Citing cases involving journal entries for loans and the Lodha group, the Tribunal upheld the CIT(A)'s decision to delete the penalties, as the facts aligned with the High Court's judgment in the group case. As a result, the Revenue's appeal was dismissed. en-us Tue, 23 Oct 2018 00:00:00 +0530 Tue, 28 Dec 2021 08:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299736 The Tribunal dismissed the Revenue's appeal against the imposition of penalties under sections 271D and 271E of the Income Tax Act, 1961 for the assessment years 2007-08 & 2009-10. The Tribunal relied on a previous decision of the Bombay High Court where similar penalties were deleted due to reasonable cause. Citing cases involving journal entries for loans and the Lodha group, the Tribunal upheld the CIT(A)'s decision to delete the penalties, as the facts aligned with the High Court's judgment in the group case. As a result, the Revenue's appeal was dismissed. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299736