https://www.taxtmi.com/caselaws?id=2130 The High Court held that imposing a penalty under section 271D for receiving loans and deposits in cash, in violation of section 269SS, was not justified. The court found no evidence of deliberate intent to evade taxes or conceal income, as the transactions were genuine and the return was accepted after scrutiny with no revenue loss. The court emphasized that penalties should not be imposed for technical breaches without resulting in revenue loss, ruling in favor of the assessee and against the Revenue. en-us Tue, 18 Sep 2007 00:00:00 +0530 Wed, 01 Mar 2017 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2130 The High Court held that imposing a penalty under section 271D for receiving loans and deposits in cash, in violation of section 269SS, was not justified. The court found no evidence of deliberate intent to evade taxes or conceal income, as the transactions were genuine and the return was accepted after scrutiny with no revenue loss. The court emphasized that penalties should not be imposed for technical breaches without resulting in revenue loss, ruling in favor of the assessee and against the Revenue. Case-Laws Income Tax Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2130