https://www.taxtmi.com/caselaws?id=186842 The ITAT upheld the deletion of penalties under Section 271D and 271E for cash transactions violating Section 269SS and 269T of the Income Tax Act. The appeals by the revenue were dismissed as the transactions were deemed advances between sister concerns, not loans or deposits, with no interest or stipulated return time. The ITAT found no grounds to interfere with the Ld. CIT(A)'s decision, citing relevant case laws and CBDT Circulars. The order to delete the penalties was affirmed on 16.11.2010. en-us Tue, 16 Nov 2010 00:00:00 +0530 Sat, 01 Oct 2016 18:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186842 The ITAT upheld the deletion of penalties under Section 271D and 271E for cash transactions violating Section 269SS and 269T of the Income Tax Act. The appeals by the revenue were dismissed as the transactions were deemed advances between sister concerns, not loans or deposits, with no interest or stipulated return time. The ITAT found no grounds to interfere with the Ld. CIT(A)'s decision, citing relevant case laws and CBDT Circulars. The order to delete the penalties was affirmed on 16.11.2010. Case-Laws Income Tax Tue, 16 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186842