https://www.taxtmi.com/caselaws?id=30758 The court upheld the decision to cancel penalties imposed under sections 271D and 271E of the Income-tax Act, finding that the transactions of loans were genuine, with no intention to contravene the provisions of section 269SS. Emphasizing the importance of genuine transactions and lack of intention to evade tax, the court ruled in favor of the assessee, highlighting that penalties should not be imposed if transactions are bona fide, even when cash transactions are involved. The appeal by the Revenue was dismissed, with the court emphasizing the absence of any substantial question of law in the case. en-us Mon, 18 Dec 2006 00:00:00 +0530 Mon, 22 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30758 The court upheld the decision to cancel penalties imposed under sections 271D and 271E of the Income-tax Act, finding that the transactions of loans were genuine, with no intention to contravene the provisions of section 269SS. Emphasizing the importance of genuine transactions and lack of intention to evade tax, the court ruled in favor of the assessee, highlighting that penalties should not be imposed if transactions are bona fide, even when cash transactions are involved. The appeal by the Revenue was dismissed, with the court emphasizing the absence of any substantial question of law in the case. Case-Laws Income Tax Mon, 18 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30758