https://www.taxtmi.com/caselaws?id=424392 The ITAT Mumbai dismissed the revenue's appeal against the order of Ld. CIT(A), upholding the deletion of the penalty u/s 271D imposed on the assessee for alleged violations of section 269SS. The tribunal found the transactions genuine, made in the normal course of business, without any intent to evade tax. Citing judicial precedents, including CIT vs Triumph International Finance, it concluded that the penalty was not justified. en-us Fri, 03 Jun 2022 00:00:00 +0530 Tue, 28 Jun 2022 22:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424392 The ITAT Mumbai dismissed the revenue's appeal against the order of Ld. CIT(A), upholding the deletion of the penalty u/s 271D imposed on the assessee for alleged violations of section 269SS. The tribunal found the transactions genuine, made in the normal course of business, without any intent to evade tax. Citing judicial precedents, including CIT vs Triumph International Finance, it concluded that the penalty was not justified. Case-Laws Income Tax Fri, 03 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424392