https://www.taxtmi.com/caselaws?id=305983 The Tribunal allowed both appeals of the assessee, finding that the journal entries for fund transfers were genuine and not in violation of the law. The penalty imposed under sections 271D and 271E of the I.T. Act for the assessment year 2005-06 was deemed unjustified due to the absence of mala fide intent and the transactions not constituting loan transactions. Additionally, the penalty proceedings were time-barred as per Section 275(1)(c) since they were initiated in 2007 but imposed in 2012, beyond the statutory limitation. en-us Fri, 05 Jun 2015 00:00:00 +0530 Tue, 03 Jan 2023 21:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305983 The Tribunal allowed both appeals of the assessee, finding that the journal entries for fund transfers were genuine and not in violation of the law. The penalty imposed under sections 271D and 271E of the I.T. Act for the assessment year 2005-06 was deemed unjustified due to the absence of mala fide intent and the transactions not constituting loan transactions. Additionally, the penalty proceedings were time-barred as per Section 275(1)(c) since they were initiated in 2007 but imposed in 2012, beyond the statutory limitation. Case-Laws Income Tax Fri, 05 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305983