https://www.taxtmi.com/caselaws?id=204512 The Tribunal canceled the penalties imposed under sections 271D and 271E of the IT Act for the assessment years 2001-02 and 2003-04, respectively. The penalties were initially imposed for accepting a cash sum exceeding Rs. 20,000, but the Tribunal found that the transaction was a capital contribution for a proposed partnership, not a loan or deposit. The Tribunal noted the absence of a tax evasion motive, the repayment of the amount by cheques, and the supporting evidence, leading to the cancellation of the penalties. The appeals of the assessee were allowed with no order as to costs. en-us Fri, 20 Nov 2009 00:00:00 +0530 Sat, 14 May 2011 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204512 The Tribunal canceled the penalties imposed under sections 271D and 271E of the IT Act for the assessment years 2001-02 and 2003-04, respectively. The penalties were initially imposed for accepting a cash sum exceeding Rs. 20,000, but the Tribunal found that the transaction was a capital contribution for a proposed partnership, not a loan or deposit. The Tribunal noted the absence of a tax evasion motive, the repayment of the amount by cheques, and the supporting evidence, leading to the cancellation of the penalties. The appeals of the assessee were allowed with no order as to costs. Case-Laws Income Tax Fri, 20 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204512