https://www.taxtmi.com/caselaws?id=301321 The Tribunal set aside the penalty imposed by the Assessing Officer under sections 271D/271E of the Income-tax Act, 1961, amounting to Rs. 3,58,100, for cash transactions with a sister concern. The Tribunal ruled in favor of the assessee, emphasizing that penalties cannot be applied to current account transactions that do not involve loans or deposits, as clarified by sections 269SS/269T of the Act. The decision highlighted the importance of accurately categorizing transactions to determine the appropriate application of penalties under the Income-tax Act. en-us Wed, 20 Jan 2016 00:00:00 +0530 Sun, 27 Mar 2022 09:26:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301321 The Tribunal set aside the penalty imposed by the Assessing Officer under sections 271D/271E of the Income-tax Act, 1961, amounting to Rs. 3,58,100, for cash transactions with a sister concern. The Tribunal ruled in favor of the assessee, emphasizing that penalties cannot be applied to current account transactions that do not involve loans or deposits, as clarified by sections 269SS/269T of the Act. The decision highlighted the importance of accurately categorizing transactions to determine the appropriate application of penalties under the Income-tax Act. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301321