https://www.taxtmi.com/caselaws?id=444472 The Tribunal dismissed the appeals against penalties under sections 271D and 271E for the assessment year 2002-03. The penalties were imposed due to cash transactions violating sections 269SS and 269T. The assessee's defense that the transactions were share application money later refunded was unsupported by credible evidence, leading to the rejection of their appeal. Additionally, a Miscellaneous Application referencing Supreme Court judgments was also dismissed. The Tribunal concluded that the violations were substantive, not technical, and the directors' ignorance of the law did not exempt the company from liability. en-us Wed, 11 Oct 2023 00:00:00 +0530 Tue, 17 Oct 2023 08:38:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444472 The Tribunal dismissed the appeals against penalties under sections 271D and 271E for the assessment year 2002-03. The penalties were imposed due to cash transactions violating sections 269SS and 269T. The assessee's defense that the transactions were share application money later refunded was unsupported by credible evidence, leading to the rejection of their appeal. Additionally, a Miscellaneous Application referencing Supreme Court judgments was also dismissed. The Tribunal concluded that the violations were substantive, not technical, and the directors' ignorance of the law did not exempt the company from liability. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444472