https://www.taxtmi.com/caselaws?id=256245 The Tribunal revoked the penalty imposed under section 271D of the Income Tax Act on the assessee. The penalty had been upheld by the Ld. CIT(A) due to the assessee accepting cash loans exceeding Rs. 20,000 from the Managing Director, deemed a violation of section 269SS. However, the Tribunal found that the cash received was intended for repayment by year-end, qualifying as a loan and not a deposit. Emphasizing the genuine nature of the transactions and business exigencies, the Tribunal canceled the penalty, allowing the assessee's appeal. en-us Mon, 29 Dec 2014 00:00:00 +0530 Sat, 07 Feb 2015 11:02:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256245 The Tribunal revoked the penalty imposed under section 271D of the Income Tax Act on the assessee. The penalty had been upheld by the Ld. CIT(A) due to the assessee accepting cash loans exceeding Rs. 20,000 from the Managing Director, deemed a violation of section 269SS. However, the Tribunal found that the cash received was intended for repayment by year-end, qualifying as a loan and not a deposit. Emphasizing the genuine nature of the transactions and business exigencies, the Tribunal canceled the penalty, allowing the assessee's appeal. Case-Laws Income Tax Mon, 29 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256245