https://www.taxtmi.com/caselaws?id=447816 The HC set aside the penalty proceedings under Section 271-E of the Income Tax Act, 1961, imposed on the petitioner, an assessee company, for transactions involving M/s. Shakti Sugar Ltd. The court found that the transactions were compliant with legal requirements and that the Assessing Officer's assumption of a cash transaction was incorrect. Consequently, the HC directed the Appellate Authority to consider the appeal without requiring any pre-deposit and to resolve it within eight weeks. en-us Thu, 07 Dec 2023 00:00:00 +0530 Thu, 19 Feb 2026 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447816 The HC set aside the penalty proceedings under Section 271-E of the Income Tax Act, 1961, imposed on the petitioner, an assessee company, for transactions involving M/s. Shakti Sugar Ltd. The court found that the transactions were compliant with legal requirements and that the Assessing Officer's assumption of a cash transaction was incorrect. Consequently, the HC directed the Appellate Authority to consider the appeal without requiring any pre-deposit and to resolve it within eight weeks. Case-Laws Income Tax Thu, 07 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447816