https://www.taxtmi.com/caselaws?id=443396 The Tribunal held that the CIT(A) exceeded jurisdiction by enhancing the penalty under Section 271E based on the genuineness of loans from earlier years. The Tribunal found the penalty imposed for converting loans into bonds unfounded as it did not violate Section 269T. The enhanced penalty of Rs. 125,10,00,000/- was quashed as the original penalty was already deleted by the AO, and no appeal was filed by the department. The appeal of the assessee was allowed, and the penalty was deleted. en-us Thu, 20 Apr 2023 00:00:00 +0530 Fri, 22 Sep 2023 09:12:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443396 The Tribunal held that the CIT(A) exceeded jurisdiction by enhancing the penalty under Section 271E based on the genuineness of loans from earlier years. The Tribunal found the penalty imposed for converting loans into bonds unfounded as it did not violate Section 269T. The enhanced penalty of Rs. 125,10,00,000/- was quashed as the original penalty was already deleted by the AO, and no appeal was filed by the department. The appeal of the assessee was allowed, and the penalty was deleted. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443396