https://www.taxtmi.com/caselaws?id=425794 The Tribunal dismissed the Revenue's appeal, partly allowed the assessee's cross-objection, and annulled the penalty under section 271D. It held that the penalty was without jurisdiction due to lack of evidence supporting the alleged cash transaction between the assessee and his wife. The Tribunal granted the Revenue the liberty to initiate penalty proceedings under section 271E if deemed appropriate. en-us Fri, 29 Jul 2022 00:00:00 +0530 Mon, 01 Aug 2022 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425794 The Tribunal dismissed the Revenue's appeal, partly allowed the assessee's cross-objection, and annulled the penalty under section 271D. It held that the penalty was without jurisdiction due to lack of evidence supporting the alleged cash transaction between the assessee and his wife. The Tribunal granted the Revenue the liberty to initiate penalty proceedings under section 271E if deemed appropriate. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425794