https://www.taxtmi.com/caselaws?id=299729 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act. It found that the assessee had shown reasonable cause for accepting and repaying loans/deposits through journal entries, citing genuine business transactions and reliance on prior judicial decisions. The Tribunal concluded that the penalties were unjustified, confirming that the transactions were not for tax evasion purposes. The Revenue's appeal was dismissed, and the deletion of penalties was upheld based on the reasonable cause shown by the assessee. en-us Fri, 15 Jun 2018 00:00:00 +0530 Tue, 09 Aug 2022 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299729 The Tribunal upheld the CIT(A)'s decision to delete penalties under sections 271D and 271E of the Income Tax Act. It found that the assessee had shown reasonable cause for accepting and repaying loans/deposits through journal entries, citing genuine business transactions and reliance on prior judicial decisions. The Tribunal concluded that the penalties were unjustified, confirming that the transactions were not for tax evasion purposes. The Revenue's appeal was dismissed, and the deletion of penalties was upheld based on the reasonable cause shown by the assessee. Case-Laws Income Tax Fri, 15 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299729