https://www.taxtmi.com/caselaws?id=439149 The ITAT upheld the CIT(A)'s decision to delete penalties under Section 271D, finding no violation of Section 269SS as the transactions were personal expenses, not loans or deposits. The ITAT emphasized the lack of necessary satisfaction for imposing the penalty, aligning with the Supreme Court's precedent. Consequently, the revenue's appeal was dismissed. en-us Tue, 13 Jun 2023 00:00:00 +0530 Sat, 17 Jun 2023 09:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439149 The ITAT upheld the CIT(A)'s decision to delete penalties under Section 271D, finding no violation of Section 269SS as the transactions were personal expenses, not loans or deposits. The ITAT emphasized the lack of necessary satisfaction for imposing the penalty, aligning with the Supreme Court's precedent. Consequently, the revenue's appeal was dismissed. Case-Laws Income Tax Tue, 13 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439149