https://www.taxtmi.com/caselaws?id=331087 The Tribunal allowed both appeals by the Revenue against the deletion of penalties under sections 271D and 271E of the Income-tax Act, 1961. The Tribunal upheld the Commissioner's decision, accepting that the transactions involving cash loans and repayments in the ledger account were advances for the sale of inherited property, not loans or deposits. The agreements for the property sale supported this interpretation, leading to the penalties being deemed unjustified. en-us Wed, 22 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:21:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331087 The Tribunal allowed both appeals by the Revenue against the deletion of penalties under sections 271D and 271E of the Income-tax Act, 1961. The Tribunal upheld the Commissioner's decision, accepting that the transactions involving cash loans and repayments in the ledger account were advances for the sale of inherited property, not loans or deposits. The agreements for the property sale supported this interpretation, leading to the penalties being deemed unjustified. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331087