https://www.taxtmi.com/caselaws?id=270059 The appellate tribunal addressed issues regarding the limitation for imposing penalties under section 271D of the Income Tax Act and the merits of a penalty imposed for receiving a cash loan. The penalty order was set aside in one case due to being time-barred, following a decision by the Hon'ble Rajasthan High Court on the calculation of the limitation period. In the second case, the penalty for receiving a cash loan was deleted as the appellant, a tailor with limited income, demonstrated lack of intent to breach the law by promptly depositing the loan amount in the bank. en-us Tue, 30 Jun 2015 00:00:00 +0530 Mon, 28 Dec 2015 09:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270059 The appellate tribunal addressed issues regarding the limitation for imposing penalties under section 271D of the Income Tax Act and the merits of a penalty imposed for receiving a cash loan. The penalty order was set aside in one case due to being time-barred, following a decision by the Hon'ble Rajasthan High Court on the calculation of the limitation period. In the second case, the penalty for receiving a cash loan was deleted as the appellant, a tailor with limited income, demonstrated lack of intent to breach the law by promptly depositing the loan amount in the bank. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270059