https://www.taxtmi.com/caselaws?id=425708 The Tribunal upheld the CIT(A) decision to delete the penalty amount of Rs. 1,20,54,566 imposed under section 271D of the Income Tax Act, 1961 for Assessment Year 2014-15. The Tribunal found that the transactions in question were loans transferred through banking channels, not cash transactions, and did not violate Section 269SS. The appeal by the Revenue was dismissed, affirming the deletion of the penalty order. en-us Wed, 27 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 21:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425708 The Tribunal upheld the CIT(A) decision to delete the penalty amount of Rs. 1,20,54,566 imposed under section 271D of the Income Tax Act, 1961 for Assessment Year 2014-15. The Tribunal found that the transactions in question were loans transferred through banking channels, not cash transactions, and did not violate Section 269SS. The appeal by the Revenue was dismissed, affirming the deletion of the penalty order. Case-Laws Income Tax Wed, 27 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425708