https://www.taxtmi.com/caselaws?id=221499 The Tribunal ruled in favor of the assessee, dismissing the penalty imposed under Section 271D of the Income Tax Act. It held that transactions between the partner and the firm did not qualify as a Loan or Deposit under Section 269SS of the Act, as a partnership firm and its partners are not separate entities. Citing legal precedents, the Tribunal emphasized that penalties may not apply to genuine cash transactions between partners and the firm. The Court upheld the Tribunal's decision, finding no legal infirmity and ruling in favor of the assessee without awarding costs. en-us Mon, 11 Feb 2013 00:00:00 +0530 Mon, 01 Jul 2013 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221499 The Tribunal ruled in favor of the assessee, dismissing the penalty imposed under Section 271D of the Income Tax Act. It held that transactions between the partner and the firm did not qualify as a Loan or Deposit under Section 269SS of the Act, as a partnership firm and its partners are not separate entities. Citing legal precedents, the Tribunal emphasized that penalties may not apply to genuine cash transactions between partners and the firm. The Court upheld the Tribunal's decision, finding no legal infirmity and ruling in favor of the assessee without awarding costs. Case-Laws Income Tax Mon, 11 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221499