https://www.taxtmi.com/caselaws?id=768374 The ITAT Kolkata dismissed the revenue's appeal challenging penalty imposition under sections 271E and 271D for alleged violations of sections 269SS and 269T. The tribunal found that transactions between the assessee company and its sister concern were in the nature of current account dealings, with a common partner in both firms. The tribunal held that cash withdrawals from partners' capital accounts do not constitute violations of sections 269SS or 269T, thereby dismissing the penalty proceedings. en-us Thu, 03 Apr 2025 00:00:00 +0530 Sat, 05 Apr 2025 08:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768374 The ITAT Kolkata dismissed the revenue's appeal challenging penalty imposition under sections 271E and 271D for alleged violations of sections 269SS and 269T. The tribunal found that transactions between the assessee company and its sister concern were in the nature of current account dealings, with a common partner in both firms. The tribunal held that cash withdrawals from partners' capital accounts do not constitute violations of sections 269SS or 269T, thereby dismissing the penalty proceedings. Case-Laws Income Tax Thu, 03 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768374