https://www.taxtmi.com/caselaws?id=208592 The ITAT, Mumbai allowed both appeals by the appellant, overturning penalties under sections 271D and 271E of the Income Tax Act. The ITAT emphasized the distinction between advances and loans, highlighting the genuine nature of transactions and the lack of proper investigation by the AO. The decision underscored the importance of distinguishing between different transaction types and adhering to statutory limitations on penalty imposition. en-us Tue, 19 Jan 2010 00:00:00 +0530 Sun, 22 Jan 2012 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208592 The ITAT, Mumbai allowed both appeals by the appellant, overturning penalties under sections 271D and 271E of the Income Tax Act. The ITAT emphasized the distinction between advances and loans, highlighting the genuine nature of transactions and the lack of proper investigation by the AO. The decision underscored the importance of distinguishing between different transaction types and adhering to statutory limitations on penalty imposition. Case-Laws Income Tax Tue, 19 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208592