https://www.taxtmi.com/caselaws?id=299956 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271D of the Income Tax Act for the assessment year 2009-10. The Tribunal found that transactions between a partnership firm and its partner, involving cash loans, did not contravene Sections 269SS and 269T of the Act if conducted in good faith. Therefore, the penalty imposed by the Assessing Officer was deemed inapplicable, and the Revenue's appeal was dismissed. en-us Wed, 15 Feb 2017 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299956 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271D of the Income Tax Act for the assessment year 2009-10. The Tribunal found that transactions between a partnership firm and its partner, involving cash loans, did not contravene Sections 269SS and 269T of the Act if conducted in good faith. Therefore, the penalty imposed by the Assessing Officer was deemed inapplicable, and the Revenue's appeal was dismissed. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299956