https://www.taxtmi.com/caselaws?id=30820 The High Court upheld the Tribunal's decision to cancel the penalty under section 271D for violations of section 269SS. The Court emphasized that penalties should not be imposed when transactions are genuine, reflect in accounts, and are made due to business exigencies, as there is no tax evasion or revenue loss. The Court found that the assessee had shown reasonable cause for the transactions, and interference was not justified as such factual findings do not raise substantial legal questions. en-us Mon, 18 Dec 2006 00:00:00 +0530 Fri, 26 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30820 The High Court upheld the Tribunal's decision to cancel the penalty under section 271D for violations of section 269SS. The Court emphasized that penalties should not be imposed when transactions are genuine, reflect in accounts, and are made due to business exigencies, as there is no tax evasion or revenue loss. The Court found that the assessee had shown reasonable cause for the transactions, and interference was not justified as such factual findings do not raise substantial legal questions. Case-Laws Income Tax Mon, 18 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30820