https://www.taxtmi.com/caselaws?id=421554 The Tribunal allowed the assessee's appeal, revoking penalties under Sections 271D and 271E of the Income Tax Act for cash transactions exceeding limits. The Tribunal considered the business context, noting the lack of formal accounting due to the assessee's education level and the immediate repayment of loans taken from family members for operational needs. Emphasizing the mitigating circumstances and reasonable cause for the transactions, the Tribunal set aside the penalties imposed by the CIT(A), citing the technical breaches due to business exigencies as excusable. en-us Mon, 04 Apr 2022 00:00:00 +0530 Fri, 17 Jul 2026 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421554 The Tribunal allowed the assessee's appeal, revoking penalties under Sections 271D and 271E of the Income Tax Act for cash transactions exceeding limits. The Tribunal considered the business context, noting the lack of formal accounting due to the assessee's education level and the immediate repayment of loans taken from family members for operational needs. Emphasizing the mitigating circumstances and reasonable cause for the transactions, the Tribunal set aside the penalties imposed by the CIT(A), citing the technical breaches due to business exigencies as excusable. Case-Laws Income Tax Mon, 04 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421554