https://www.taxtmi.com/caselaws?id=247344 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that advances received for the purchase of assets were not to be considered as loans or deposits under section 269SS. The Tribunal found that the advances were for fixed assets and did not attract penalty under section 271D. The decision was supported by evidence and legal precedents, leading to the deletion of the penalty imposed by the Addl. CIT. en-us Tue, 29 Apr 2014 00:00:00 +0530 Fri, 09 May 2014 10:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247344 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision that advances received for the purchase of assets were not to be considered as loans or deposits under section 269SS. The Tribunal found that the advances were for fixed assets and did not attract penalty under section 271D. The decision was supported by evidence and legal precedents, leading to the deletion of the penalty imposed by the Addl. CIT. Case-Laws Income Tax Tue, 29 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247344