https://www.taxtmi.com/caselaws?id=420562 The Tribunal overturned penalties imposed under Section 271E and Section 271D in separate cases. In the first case, the penalty under Section 271E for cash loan repayment was canceled due to lack of concrete evidence and authenticity of the documents. The second case involved a penalty under Section 271D for alleged contravention of Section 269SS, which was annulled based on inconsistencies in the evidence and failure to prove the loans were received during the relevant assessment year. The Tribunal stressed the importance of solid evidence and compliance with legal provisions in imposing penalties under the Income Tax Act. en-us Tue, 29 Mar 2022 00:00:00 +0530 Tue, 05 Apr 2022 09:08:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420562 The Tribunal overturned penalties imposed under Section 271E and Section 271D in separate cases. In the first case, the penalty under Section 271E for cash loan repayment was canceled due to lack of concrete evidence and authenticity of the documents. The second case involved a penalty under Section 271D for alleged contravention of Section 269SS, which was annulled based on inconsistencies in the evidence and failure to prove the loans were received during the relevant assessment year. The Tribunal stressed the importance of solid evidence and compliance with legal provisions in imposing penalties under the Income Tax Act. Case-Laws Income Tax Tue, 29 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420562