https://www.taxtmi.com/caselaws?id=179695 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271E of the Income Tax Act, 1961, in two separate cases. It was determined that the transactions in question did not warrant penalties as they were not considered deposits or loans under section 269T. The Tribunal emphasized the compliance of the assessee with tax filings, lack of concealment, and the legitimate source of funds, leading to the dismissal of the Revenue's appeals. en-us Fri, 24 Oct 2008 00:00:00 +0530 Sat, 30 Apr 2016 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179695 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271E of the Income Tax Act, 1961, in two separate cases. It was determined that the transactions in question did not warrant penalties as they were not considered deposits or loans under section 269T. The Tribunal emphasized the compliance of the assessee with tax filings, lack of concealment, and the legitimate source of funds, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 24 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179695