https://www.taxtmi.com/caselaws?id=327435 The ITAT ruled in favor of the assessee in an appeal against the imposition of a penalty under section 271E of the Income Tax Act, 1961. The case involved a construction company that received a booking amount for a flat project, with subsequent payments for amenities canceled due to financial difficulties. The ITAT determined that the amount in question was part of the booking advance and not a loan or deposit, making the penalty inapplicable. Citing relevant case law, the ITAT allowed the appeal, rejecting the penalty imposition based on the nature of the transaction. en-us Wed, 30 Mar 2016 00:00:00 +0530 Wed, 11 May 2016 10:41:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327435 The ITAT ruled in favor of the assessee in an appeal against the imposition of a penalty under section 271E of the Income Tax Act, 1961. The case involved a construction company that received a booking amount for a flat project, with subsequent payments for amenities canceled due to financial difficulties. The ITAT determined that the amount in question was part of the booking advance and not a loan or deposit, making the penalty inapplicable. Citing relevant case law, the ITAT allowed the appeal, rejecting the penalty imposition based on the nature of the transaction. Case-Laws Income Tax Wed, 30 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327435