https://www.taxtmi.com/caselaws?id=331225 The High Court upheld the decisions of the lower authorities in deleting the penalty under section 271D of the Income-tax Act and treating the deposit/loan as a capital contribution for business purposes. The court found the transaction genuine and necessary for the Association of Persons (AOP), emphasizing the urgency and business necessity of the cash loan for land acquisition. The revenue's appeal was dismissed, ruling in favor of the assessee and affirming the deletion of the penalty. en-us Thu, 21 Jul 2016 00:00:00 +0530 Tue, 01 Aug 2017 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331225 The High Court upheld the decisions of the lower authorities in deleting the penalty under section 271D of the Income-tax Act and treating the deposit/loan as a capital contribution for business purposes. The court found the transaction genuine and necessary for the Association of Persons (AOP), emphasizing the urgency and business necessity of the cash loan for land acquisition. The revenue's appeal was dismissed, ruling in favor of the assessee and affirming the deletion of the penalty. Case-Laws Income Tax Thu, 21 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331225