https://www.taxtmi.com/caselaws?id=65651 The Tribunal canceled the penalty imposed under section 271E of the IT Act for alleged contravention of section 269T due to cash repayments, determining that the repayments were for loans, not deposits. The Tribunal emphasized the legislative intent to cover deposits, not loans, under sections 269SS and 269T, citing proposed amendments. It found the distinction crucial and deemed section 269T inapplicable to loan transactions. The penalty was considered unjustified and canceled, with relief granted based on grounds not raised before lower authorities. Both departmental appeals were dismissed. en-us Thu, 11 Apr 2002 00:00:00 +0530 Fri, 18 Feb 2011 11:42:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65651 The Tribunal canceled the penalty imposed under section 271E of the IT Act for alleged contravention of section 269T due to cash repayments, determining that the repayments were for loans, not deposits. The Tribunal emphasized the legislative intent to cover deposits, not loans, under sections 269SS and 269T, citing proposed amendments. It found the distinction crucial and deemed section 269T inapplicable to loan transactions. The penalty was considered unjustified and canceled, with relief granted based on grounds not raised before lower authorities. Both departmental appeals were dismissed. Case-Laws Income Tax Thu, 11 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65651