https://www.taxtmi.com/caselaws?id=71588 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271E of the Income-tax Act, 1961. The Tribunal emphasized the distinction between loans and deposits, noting that the assessee had repaid loans, not deposits, through non-account payee instruments. The Tribunal found no basis for invoking section 271E as the penalties were unjustified, ultimately dismissing the Revenue's appeals and affirming the deletion of penalties by the CIT(A). en-us Fri, 09 Jun 2000 00:00:00 +0530 Mon, 25 Apr 2011 17:47:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71588 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271E of the Income-tax Act, 1961. The Tribunal emphasized the distinction between loans and deposits, noting that the assessee had repaid loans, not deposits, through non-account payee instruments. The Tribunal found no basis for invoking section 271E as the penalties were unjustified, ultimately dismissing the Revenue's appeals and affirming the deletion of penalties by the CIT(A). Case-Laws Income Tax Fri, 09 Jun 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71588