https://www.taxtmi.com/caselaws?id=263297 The judgment upheld penalty orders under Sections 271D and 271E of the Income Tax Act, confirming penalties imposed by the Commissioner of Income Tax (Appeals). It clarified that penalty proceedings are initiated by the Joint Commissioner within the prescribed limitation period. The court also rejected the assessee's arguments for reasonable cause under Section 273B and upheld the classification of cash receipts as loans or deposits under Sections 269SS and 269T. Consequently, the appeals were dismissed in favor of the Revenue. en-us Fri, 07 Aug 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263297 The judgment upheld penalty orders under Sections 271D and 271E of the Income Tax Act, confirming penalties imposed by the Commissioner of Income Tax (Appeals). It clarified that penalty proceedings are initiated by the Joint Commissioner within the prescribed limitation period. The court also rejected the assessee's arguments for reasonable cause under Section 273B and upheld the classification of cash receipts as loans or deposits under Sections 269SS and 269T. Consequently, the appeals were dismissed in favor of the Revenue. Case-Laws Income Tax Fri, 07 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263297