https://www.taxtmi.com/caselaws?id=209653 The Tribunal set aside the penalty imposed on a partnership firm for accepting cash loans in violation of Section 269SS of the Income-tax Act. It found that the firm had reasonable cause due to financial crisis and partner's arrest, and the transactions did not involve unaccounted money. The Tribunal clarified the interpretation of "loan" and "deposit" under Section 269SS, emphasizing that temporary advances from employees may not fall within its scope. The Tribunal referred to relevant judicial precedents on penalty computation, ultimately allowing the appeal for statistical purposes and remanding the issue for fresh consideration by the Assessing Officer. en-us Thu, 31 Mar 2011 00:00:00 +0530 Sun, 05 Feb 2012 07:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209653 The Tribunal set aside the penalty imposed on a partnership firm for accepting cash loans in violation of Section 269SS of the Income-tax Act. It found that the firm had reasonable cause due to financial crisis and partner's arrest, and the transactions did not involve unaccounted money. The Tribunal clarified the interpretation of "loan" and "deposit" under Section 269SS, emphasizing that temporary advances from employees may not fall within its scope. The Tribunal referred to relevant judicial precedents on penalty computation, ultimately allowing the appeal for statistical purposes and remanding the issue for fresh consideration by the Assessing Officer. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209653