https://www.taxtmi.com/caselaws?id=307992 The Tribunal concluded that transactions between the company and its executive directors were genuine, undertaken for urgent financial needs, not falling under Section 269SS. Therefore, the penalty under Section 271D was deemed unwarranted and deleted, emphasizing penalties should not apply to genuine transactions for urgent business needs with reasonable cause under Section 273B. The appeal was allowed, and the penalty was removed. en-us Mon, 19 Sep 2022 00:00:00 +0530 Sun, 21 May 2023 12:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307992 The Tribunal concluded that transactions between the company and its executive directors were genuine, undertaken for urgent financial needs, not falling under Section 269SS. Therefore, the penalty under Section 271D was deemed unwarranted and deleted, emphasizing penalties should not apply to genuine transactions for urgent business needs with reasonable cause under Section 273B. The appeal was allowed, and the penalty was removed. Case-Laws Income Tax Mon, 19 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307992