https://www.taxtmi.com/caselaws?id=117080 The Tribunal upheld the cancellation of the penalty under section 271D of the Income-tax Act, 1961, imposed by the Assessing Officer. It ruled that the loans received through journal entries, which were a bifurcation of existing amounts among family members, did not involve cash transactions and were not subject to the penalty. The Tribunal also clarified that section 269SS applies only to actual money transfers as loans or deposits, not journal entries acknowledging debts. As a result, the Revenue's appeal was dismissed, affirming the decision of the CIT(A). en-us Fri, 28 Feb 2003 00:00:00 +0530 Wed, 20 Jun 2012 11:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117080 The Tribunal upheld the cancellation of the penalty under section 271D of the Income-tax Act, 1961, imposed by the Assessing Officer. It ruled that the loans received through journal entries, which were a bifurcation of existing amounts among family members, did not involve cash transactions and were not subject to the penalty. The Tribunal also clarified that section 269SS applies only to actual money transfers as loans or deposits, not journal entries acknowledging debts. As a result, the Revenue's appeal was dismissed, affirming the decision of the CIT(A). Case-Laws Income Tax Fri, 28 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117080