https://www.taxtmi.com/caselaws?id=307501 The Tribunal affirmed the cancellation of a penalty imposed under section 271E of the Income Tax Act. The penalty was imposed for repayments made by the assessee to ex-partners and relatives of partners through means other than account payee cheques/drafts. The Tribunal found the transactions genuine, not intended to evade tax, and considered the reasonable cause for non-compliance with statutory provisions. It concluded that the penalty was unjustified, leading to the dismissal of the revenue's appeal on 17-06-2011. en-us Fri, 17 Jun 2011 00:00:00 +0530 Tue, 18 Apr 2023 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307501 The Tribunal affirmed the cancellation of a penalty imposed under section 271E of the Income Tax Act. The penalty was imposed for repayments made by the assessee to ex-partners and relatives of partners through means other than account payee cheques/drafts. The Tribunal found the transactions genuine, not intended to evade tax, and considered the reasonable cause for non-compliance with statutory provisions. It concluded that the penalty was unjustified, leading to the dismissal of the revenue's appeal on 17-06-2011. Case-Laws Income Tax Fri, 17 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307501