https://www.taxtmi.com/caselaws?id=207428 The High Court of Karnataka dismissed the revenue's appeal, ruling in favor of the assessee in a case concerning the violation of sections 269SS and 271D of the Act. The Court held that the amount received as a temporary advance did not constitute a 'loan or deposit,' thus no breach of the aforementioned sections occurred. The Court emphasized that the transactions between sister concerns were for urgent needs and did not amount to borrowing or deposit under taxation laws. The appeal was denied, upholding the Tribunal's decision in favor of the assessee. en-us Mon, 22 Aug 2011 00:00:00 +0530 Fri, 20 Jan 2012 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207428 The High Court of Karnataka dismissed the revenue's appeal, ruling in favor of the assessee in a case concerning the violation of sections 269SS and 271D of the Act. The Court held that the amount received as a temporary advance did not constitute a 'loan or deposit,' thus no breach of the aforementioned sections occurred. The Court emphasized that the transactions between sister concerns were for urgent needs and did not amount to borrowing or deposit under taxation laws. The appeal was denied, upholding the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Mon, 22 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207428