https://www.taxtmi.com/caselaws?id=310280 The ITAT Delhi upheld penalties under sections 271D and 271E against the assessee for contravening sections 269SS and 269T regarding cash transactions. The Tribunal dismissed the assessee's appeals, noting inconsistent explanations and lack of evidence for cash dealings purportedly related to share application money returned to a non-resident director. The Tribunal affirmed the lower authorities' decisions, emphasizing the necessity of proper documentation and compliance with tax audit requirements to avoid penalties. en-us Tue, 10 Jan 2017 00:00:00 +0530 Mon, 16 Oct 2023 18:55:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310280 The ITAT Delhi upheld penalties under sections 271D and 271E against the assessee for contravening sections 269SS and 269T regarding cash transactions. The Tribunal dismissed the assessee's appeals, noting inconsistent explanations and lack of evidence for cash dealings purportedly related to share application money returned to a non-resident director. The Tribunal affirmed the lower authorities' decisions, emphasizing the necessity of proper documentation and compliance with tax audit requirements to avoid penalties. Case-Laws Income Tax Tue, 10 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310280