https://www.taxtmi.com/caselaws?id=432875 The Tribunal allowed the appeal of the assessee, directing the deletion of penalties under sections 271D and 271E of the Income Tax Act. It held that a composite appeal was maintainable for two separate penalty orders and that the transactions in question between sister concerns did not violate sections 269SS and 269T, as they were genuine, recorded, and not aimed at evading tax. Citing judicial precedents and legislative intent, the Tribunal concluded that there was reasonable cause for not imposing the penalties, ultimately ruling in favor of the assessee. en-us Thu, 12 Jan 2023 00:00:00 +0530 Sun, 15 Jan 2023 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432875 The Tribunal allowed the appeal of the assessee, directing the deletion of penalties under sections 271D and 271E of the Income Tax Act. It held that a composite appeal was maintainable for two separate penalty orders and that the transactions in question between sister concerns did not violate sections 269SS and 269T, as they were genuine, recorded, and not aimed at evading tax. Citing judicial precedents and legislative intent, the Tribunal concluded that there was reasonable cause for not imposing the penalties, ultimately ruling in favor of the assessee. Case-Laws Income Tax Thu, 12 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432875