https://www.taxtmi.com/caselaws?id=72051 The Tribunal found that the amounts received by the assessee were not loans or deposits, thus not violating Section 269T of the IT Act. As a result, the penalty imposed under Section 271E was canceled, amounting to Rs. 14.72 crores. The appeal of the assessee was allowed, and the Tribunal also noted the lack of justification for the penalty related to another entity, M/s Adarsh Enterprise. en-us Fri, 13 Feb 2009 00:00:00 +0530 Sat, 30 Dec 2017 11:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=72051 The Tribunal found that the amounts received by the assessee were not loans or deposits, thus not violating Section 269T of the IT Act. As a result, the penalty imposed under Section 271E was canceled, amounting to Rs. 14.72 crores. The appeal of the assessee was allowed, and the Tribunal also noted the lack of justification for the penalty related to another entity, M/s Adarsh Enterprise. Case-Laws Income Tax Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=72051