https://www.taxtmi.com/caselaws?id=449181 ITAT Indore dismissed revenue's appeal challenging deletion of penalties u/s 271D and 271E. The assessee was penalized for alleged cash loan transactions exceeding Rs. 20,000 in violation of sections 269SS and 269T. During search, authorities seized laptop with Tally data and loose papers showing unsecured loans. However, ITAT held the Tally account was dummy training data with no evidentiary value. The tribunal emphasized that penalties require independent evidence of actual cash movement, not mere book entries. Since "loan" under section 269SS means loan of money requiring actual currency movement, and only corroborative evidence existed without proof of physical cash transactions, penalties were deleted. en-us Wed, 31 Jan 2024 00:00:00 +0530 Wed, 07 Feb 2024 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449181 ITAT Indore dismissed revenue's appeal challenging deletion of penalties u/s 271D and 271E. The assessee was penalized for alleged cash loan transactions exceeding Rs. 20,000 in violation of sections 269SS and 269T. During search, authorities seized laptop with Tally data and loose papers showing unsecured loans. However, ITAT held the Tally account was dummy training data with no evidentiary value. The tribunal emphasized that penalties require independent evidence of actual cash movement, not mere book entries. Since "loan" under section 269SS means loan of money requiring actual currency movement, and only corroborative evidence existed without proof of physical cash transactions, penalties were deleted. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449181