https://www.taxtmi.com/caselaws?id=56459 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,90,324 imposed under section 271E of the Income Tax Act for cash repayments violating section 269T. The Tribunal found that the cash payments to a sister or closely related concern were made under genuine circumstances arising from financial losses, constituting a reasonable cause under section 273B and exempting the penalty. The Tribunal emphasized that the parties involved were existing taxpayers facing credibility issues, not part of any search and seizure operation, and canceled the penalty based on these findings. en-us Wed, 10 Dec 2003 00:00:00 +0530 Fri, 15 Jun 2012 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56459 The Tribunal allowed the appeal, setting aside the penalty of Rs. 4,90,324 imposed under section 271E of the Income Tax Act for cash repayments violating section 269T. The Tribunal found that the cash payments to a sister or closely related concern were made under genuine circumstances arising from financial losses, constituting a reasonable cause under section 273B and exempting the penalty. The Tribunal emphasized that the parties involved were existing taxpayers facing credibility issues, not part of any search and seizure operation, and canceled the penalty based on these findings. Case-Laws Income Tax Wed, 10 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56459