https://www.taxtmi.com/caselaws?id=56396 The Tribunal allowed the appeals, canceling penalties under ss. 271D and 271E. Penalties for transactions before 1st April 1989 were deemed invalid as these provisions apply prospectively. Transactions in current accounts with sister concerns were assumed to be loans or deposits, but penalties were not imposed due to reasonable cause. The Tribunal held s. 269SS unconstitutional based on a previous High Court decision. Ignorance of the law, coupled with a bona fide belief and urgent business necessity, constituted reasonable cause for non-compliance under s. 273B. en-us Wed, 18 Aug 1993 00:00:00 +0530 Fri, 03 Dec 2010 13:52:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56396 The Tribunal allowed the appeals, canceling penalties under ss. 271D and 271E. Penalties for transactions before 1st April 1989 were deemed invalid as these provisions apply prospectively. Transactions in current accounts with sister concerns were assumed to be loans or deposits, but penalties were not imposed due to reasonable cause. The Tribunal held s. 269SS unconstitutional based on a previous High Court decision. Ignorance of the law, coupled with a bona fide belief and urgent business necessity, constituted reasonable cause for non-compliance under s. 273B. Case-Laws Income Tax Wed, 18 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56396