https://www.taxtmi.com/caselaws?id=56237 The penalties imposed under sections 271D and 271E for violations of sections 269SS and 269T were canceled by the Tribunal. The Tribunal found that the transactions were genuine, undertaken due to urgent business needs, and constituted a reasonable cause for the violations. Emphasizing that penalties should not be imposed for technical breaches or venial violations, the Tribunal held in favor of the assessee, citing the discretion of authorities to levy penalties justly. As a result, the penalties were deleted, and the appeals were allowed. en-us Fri, 11 Dec 1998 00:00:00 +0530 Thu, 02 Dec 2010 15:56:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56237 The penalties imposed under sections 271D and 271E for violations of sections 269SS and 269T were canceled by the Tribunal. The Tribunal found that the transactions were genuine, undertaken due to urgent business needs, and constituted a reasonable cause for the violations. Emphasizing that penalties should not be imposed for technical breaches or venial violations, the Tribunal held in favor of the assessee, citing the discretion of authorities to levy penalties justly. As a result, the penalties were deleted, and the appeals were allowed. Case-Laws Income Tax Fri, 11 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56237