https://www.taxtmi.com/caselaws?id=68537 The Tribunal upheld the CIT(A)'s decision to grant relief to the assessee in a dispute over penalty under section 271D for receiving Rs. 20,000 deposits from five persons, contrary to section 269SS. Relying on a CBDT Circular and the Rajasthan High Court's decision, the Tribunal found the assessee's explanation reasonable, as they believed the deposits were permissible under section 269SS. Consequently, the appeal by the Revenue challenging the CIT(A)'s decision was dismissed. en-us Fri, 23 Jul 2004 00:00:00 +0530 Thu, 14 Jun 2012 11:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68537 The Tribunal upheld the CIT(A)'s decision to grant relief to the assessee in a dispute over penalty under section 271D for receiving Rs. 20,000 deposits from five persons, contrary to section 269SS. Relying on a CBDT Circular and the Rajasthan High Court's decision, the Tribunal found the assessee's explanation reasonable, as they believed the deposits were permissible under section 269SS. Consequently, the appeal by the Revenue challenging the CIT(A)'s decision was dismissed. Case-Laws Income Tax Fri, 23 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68537