https://www.taxtmi.com/caselaws?id=57225 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the IT Act, as the assessee's genuine belief and the nature of transactions were considered reasonable causes for not invoking penal provisions of Sections 269SS and 271D. The Tribunal emphasized that the purpose of the provisions was not to penalize genuine transactions, particularly in the case of a kacha arhtia dealing with agriculturists. en-us Tue, 18 Jan 1994 00:00:00 +0530 Thu, 09 Dec 2010 10:30:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57225 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the IT Act, as the assessee's genuine belief and the nature of transactions were considered reasonable causes for not invoking penal provisions of Sections 269SS and 271D. The Tribunal emphasized that the purpose of the provisions was not to penalize genuine transactions, particularly in the case of a kacha arhtia dealing with agriculturists. Case-Laws Income Tax Tue, 18 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57225