https://www.taxtmi.com/caselaws?id=218448 The Tribunal and Commissioner (Appeals) dismissed penalties under sections 271D and 271E of the Income Tax Act, 1961. The penalties were challenged due to cash transactions allegedly violating sections 269SS and 269T. The authorities found that the transactions in question did not qualify as loans or deposits as per the Act, thus rendering the penalties unjustified. Both levels of adjudication concurred that the lack of loan or deposit characteristics exempted the transactions from penalties, leading to the dismissal of the appeals against the penalties. en-us Tue, 18 Sep 2012 00:00:00 +0530 Fri, 16 Nov 2012 07:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218448 The Tribunal and Commissioner (Appeals) dismissed penalties under sections 271D and 271E of the Income Tax Act, 1961. The penalties were challenged due to cash transactions allegedly violating sections 269SS and 269T. The authorities found that the transactions in question did not qualify as loans or deposits as per the Act, thus rendering the penalties unjustified. Both levels of adjudication concurred that the lack of loan or deposit characteristics exempted the transactions from penalties, leading to the dismissal of the appeals against the penalties. Case-Laws Income Tax Tue, 18 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218448