https://www.taxtmi.com/caselaws?id=303771 The High Court affirmed the order of remand to the assessing authority regarding penalties imposed under sections 271D and 271E of the Income Tax Act. The Court clarified that the assessing officer should not be bound by the Tribunal's observations, emphasizing the need to consider all legally acceptable evidence. The Court ruled against the assessee on the penalty imposed under Section 271D but in favor of the assessee on the penalty imposed under Section 271E. As a result, the appeals were allowed, and the cases were fully remitted to the assessing officer for further proceedings. en-us Thu, 12 Aug 2021 00:00:00 +0530 Sat, 20 Aug 2022 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303771 The High Court affirmed the order of remand to the assessing authority regarding penalties imposed under sections 271D and 271E of the Income Tax Act. The Court clarified that the assessing officer should not be bound by the Tribunal's observations, emphasizing the need to consider all legally acceptable evidence. The Court ruled against the assessee on the penalty imposed under Section 271D but in favor of the assessee on the penalty imposed under Section 271E. As a result, the appeals were allowed, and the cases were fully remitted to the assessing officer for further proceedings. Case-Laws Income Tax Thu, 12 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303771