https://www.taxtmi.com/caselaws?id=30746 The High Court upheld the Tribunal's decision to delete penalties under sections 271D and 271E of the Income-tax Act, ruling in favor of the assessee. The Tribunal found no violations of sections 269SS and 269T, as most amounts were received through non-cash means and had reasonable causes supported by a legal expert's opinion. The Court concurred, emphasizing the well-founded nature of the Tribunal's findings and the absence of challenges to the transactions' genuineness. Consequently, the penalties were dismissed. en-us Mon, 25 Feb 2008 00:00:00 +0530 Sun, 06 Feb 2011 02:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30746 The High Court upheld the Tribunal's decision to delete penalties under sections 271D and 271E of the Income-tax Act, ruling in favor of the assessee. The Tribunal found no violations of sections 269SS and 269T, as most amounts were received through non-cash means and had reasonable causes supported by a legal expert's opinion. The Court concurred, emphasizing the well-founded nature of the Tribunal's findings and the absence of challenges to the transactions' genuineness. Consequently, the penalties were dismissed. Case-Laws Income Tax Mon, 25 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30746