https://www.taxtmi.com/caselaws?id=210385 The Income-tax Appellate Tribunal justified the deletion of the penalty levied under section 271D of the Income-tax Act, 1961. The Tribunal found that the director had utilized undisclosed income for the company without the assessee receiving any amount as a loan or deposit. The Tribunal accepted the director's explanation of the income source, which was also acknowledged by the Department. Consequently, the penalty was deleted due to the absence of any loan or deposit received by the assessee, leading to the dismissal of all appeals without costs awarded. en-us Thu, 04 Aug 2011 00:00:00 +0530 Sat, 15 Dec 2012 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210385 The Income-tax Appellate Tribunal justified the deletion of the penalty levied under section 271D of the Income-tax Act, 1961. The Tribunal found that the director had utilized undisclosed income for the company without the assessee receiving any amount as a loan or deposit. The Tribunal accepted the director's explanation of the income source, which was also acknowledged by the Department. Consequently, the penalty was deleted due to the absence of any loan or deposit received by the assessee, leading to the dismissal of all appeals without costs awarded. Case-Laws Income Tax Thu, 04 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210385