https://www.taxtmi.com/caselaws?id=467144 Penalties for accepting or repaying deposits in prohibited modes require independent satisfaction that the transactions were wrongful and lacked bona fides. Books of account, transport documents, confirmations and affidavits indicated that the entries represented verifiable freight receipts and payments, with corresponding withdrawals. Although the amounts were treated as unexplained cash credits in assessment, that treatment did not by itself establish contravention of the prescribed payment-mode rules. Where documentary evidence supports genuine commercial transactions and bona fide belief, penalties under sections 271D and 271E should not be imposed. en-us Fri, 09 Dec 2011 00:00:00 +0530 Sat, 07 Mar 2026 13:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467144 Penalties for accepting or repaying deposits in prohibited modes require independent satisfaction that the transactions were wrongful and lacked bona fides. Books of account, transport documents, confirmations and affidavits indicated that the entries represented verifiable freight receipts and payments, with corresponding withdrawals. Although the amounts were treated as unexplained cash credits in assessment, that treatment did not by itself establish contravention of the prescribed payment-mode rules. Where documentary evidence supports genuine commercial transactions and bona fide belief, penalties under sections 271D and 271E should not be imposed. Case-Laws Income Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467144