https://www.taxtmi.com/caselaws?id=71649 The Tribunal affirmed the deletion of penalties under sections 271D and 271E of the Income-tax Act for the assessment year 1993-94. The Tribunal upheld the decision based on the genuine belief of the assessee that the amounts received were for safe custody, the nature of hand loans, and the absence of bank accounts in Nanded for the parties involved. The Tribunal found the assessee's reliance on Circular No. 556 justifiable and emphasized that the transactions were akin to temporary accommodations provided without interest, leading to the dismissal of the Revenue's appeals. en-us Thu, 21 Feb 2002 00:00:00 +0530 Tue, 26 Apr 2011 13:00:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71649 The Tribunal affirmed the deletion of penalties under sections 271D and 271E of the Income-tax Act for the assessment year 1993-94. The Tribunal upheld the decision based on the genuine belief of the assessee that the amounts received were for safe custody, the nature of hand loans, and the absence of bank accounts in Nanded for the parties involved. The Tribunal found the assessee's reliance on Circular No. 556 justifiable and emphasized that the transactions were akin to temporary accommodations provided without interest, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Thu, 21 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71649