https://www.taxtmi.com/caselaws?id=243967 The High Court upheld the Tribunal's decision that advances received for booking shops/offices were not deposits under Sections 269SS and 269T of the Income Tax Act. Consequently, the penalty under Section 271E was deemed unjustified. The Court emphasized that the nature of the transactions did not constitute loans or deposits, and therefore, the provisions of Sections 269SS, 269T, and 271E were inapplicable. en-us Wed, 22 Jan 2014 00:00:00 +0530 Fri, 14 Feb 2014 11:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243967 The High Court upheld the Tribunal's decision that advances received for booking shops/offices were not deposits under Sections 269SS and 269T of the Income Tax Act. Consequently, the penalty under Section 271E was deemed unjustified. The Court emphasized that the nature of the transactions did not constitute loans or deposits, and therefore, the provisions of Sections 269SS, 269T, and 271E were inapplicable. Case-Laws Income Tax Wed, 22 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243967