https://www.taxtmi.com/caselaws?id=55043 The Tribunal canceled the penalty imposed under Section 271D of the Income Tax Act, as it found that the penalty proceedings were initiated after an unreasonable delay, the transaction was genuine, there was no violation of Sections 269SS and 269T, the nature of the transaction was not a loan or deposit, and any default was considered technical and venial. Therefore, the appeal of the assessee was allowed. en-us Thu, 20 Jan 2005 00:00:00 +0530 Tue, 23 Nov 2010 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55043 The Tribunal canceled the penalty imposed under Section 271D of the Income Tax Act, as it found that the penalty proceedings were initiated after an unreasonable delay, the transaction was genuine, there was no violation of Sections 269SS and 269T, the nature of the transaction was not a loan or deposit, and any default was considered technical and venial. Therefore, the appeal of the assessee was allowed. Case-Laws Income Tax Thu, 20 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55043