https://www.taxtmi.com/caselaws?id=432378 The Tribunal upheld the CIT(A)'s decision to delete penalties under Section 271D for journal entries due to reasonable cause under Section 273B, following precedents indicating that such entries did not contravene Section 269SS before the 2012 Triumph International Finance decision. Penalties for cash transactions were maintained pending verification, emphasizing the need for case-by-case scrutiny. The Tribunal's ruling, based on established case law and Supreme Court actions, ensured the Assessee's adherence to pre-2012 legal interpretations. en-us Tue, 20 Dec 2022 00:00:00 +0530 Tue, 03 Jan 2023 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432378 The Tribunal upheld the CIT(A)'s decision to delete penalties under Section 271D for journal entries due to reasonable cause under Section 273B, following precedents indicating that such entries did not contravene Section 269SS before the 2012 Triumph International Finance decision. Penalties for cash transactions were maintained pending verification, emphasizing the need for case-by-case scrutiny. The Tribunal's ruling, based on established case law and Supreme Court actions, ensured the Assessee's adherence to pre-2012 legal interpretations. Case-Laws Income Tax Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432378