https://www.taxtmi.com/caselaws?id=441709 The Supreme Court disposed of identical civil appeals concerning the penalty under Section 271D of the Income Tax Act. The Appeals were deemed infructuous due to subsequent events, with the Assessing Officer reversing the penalty imposition on remand. The Revenue's challenge was not pursued, leading to the finality of the order. Despite acknowledging the live issue of penalty imposition for money transfers via journal entries, the Court closed the proceedings without costs, keeping the legal question open for future adjudication. en-us Thu, 03 Aug 2023 00:00:00 +0530 Fri, 11 Aug 2023 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441709 The Supreme Court disposed of identical civil appeals concerning the penalty under Section 271D of the Income Tax Act. The Appeals were deemed infructuous due to subsequent events, with the Assessing Officer reversing the penalty imposition on remand. The Revenue's challenge was not pursued, leading to the finality of the order. Despite acknowledging the live issue of penalty imposition for money transfers via journal entries, the Court closed the proceedings without costs, keeping the legal question open for future adjudication. Case-Laws Income Tax Thu, 03 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441709