https://www.taxtmi.com/caselaws?id=431962 The Tribunal dismissed the revenue's appeal against the penalty order under section 271E for A.Y. 2009-10. It upheld that the journal entries were valid business transactions exempt from penalties, as they were genuine, commercial, and part of normal business operations. The decision favored the assessee, emphasizing the commercial nature of the transactions and the absence of non-commercial motives or unaccounted money. en-us Wed, 30 Nov 2022 00:00:00 +0530 Sat, 24 Dec 2022 11:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431962 The Tribunal dismissed the revenue's appeal against the penalty order under section 271E for A.Y. 2009-10. It upheld that the journal entries were valid business transactions exempt from penalties, as they were genuine, commercial, and part of normal business operations. The decision favored the assessee, emphasizing the commercial nature of the transactions and the absence of non-commercial motives or unaccounted money. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431962