https://www.taxtmi.com/caselaws?id=212382 Cash receipts arising from an ongoing business relationship were not treated as a loan or deposit where the record showed they were made to support commercial commitments during financial difficulty. The amounts were received in instalments below the statutory threshold, were reflected in the accounts of both parties, and there was no evidence of borrowing or deposit-taking. On those facts, the mischief targeted by section 269SS was not attracted, so the penalty for alleged contravention was set aside in favour of the assessee. en-us Mon, 05 Sep 2011 00:00:00 +0530 Wed, 14 Mar 2012 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212382 Cash receipts arising from an ongoing business relationship were not treated as a loan or deposit where the record showed they were made to support commercial commitments during financial difficulty. The amounts were received in instalments below the statutory threshold, were reflected in the accounts of both parties, and there was no evidence of borrowing or deposit-taking. On those facts, the mischief targeted by section 269SS was not attracted, so the penalty for alleged contravention was set aside in favour of the assessee. Case-Laws Income Tax Mon, 05 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212382