https://www.taxtmi.com/caselaws?id=444616 The Tribunal overturned the CIT(A)'s decision and instructed the AO to remove the penalty imposed under section 271D. It determined that the transactions between the company and its director were genuine and fell outside the scope of section 269SS, as they were current account transactions rather than loans or deposits. The Tribunal found the explanation of business exigency reasonable and aligned with judicial precedents, allowing the assessee's appeal and concluding that no penalty should be applied. en-us Fri, 22 Sep 2023 00:00:00 +0530 Thu, 19 Oct 2023 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444616 The Tribunal overturned the CIT(A)'s decision and instructed the AO to remove the penalty imposed under section 271D. It determined that the transactions between the company and its director were genuine and fell outside the scope of section 269SS, as they were current account transactions rather than loans or deposits. The Tribunal found the explanation of business exigency reasonable and aligned with judicial precedents, allowing the assessee's appeal and concluding that no penalty should be applied. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444616