https://www.taxtmi.com/caselaws?id=335035 The Tribunal found both penalties imposed on the assessee unjustified and ordered their deletion. The penalty under section 271D for receiving cash loans was overturned as the deposits were deemed proceeds of agricultural income shared by family members. The Tribunal noted the joint account holder who deposited the amount was the son of the assessee, indicating it was not a loan. The penalty under section 271(1)(c) was deleted as insufficient evidence of agricultural operations did not prove income concealment, emphasizing the distinction between assessment and penalty proceedings. en-us Mon, 26 Sep 2016 00:00:00 +0530 Fri, 25 Nov 2016 10:46:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335035 The Tribunal found both penalties imposed on the assessee unjustified and ordered their deletion. The penalty under section 271D for receiving cash loans was overturned as the deposits were deemed proceeds of agricultural income shared by family members. The Tribunal noted the joint account holder who deposited the amount was the son of the assessee, indicating it was not a loan. The penalty under section 271(1)(c) was deleted as insufficient evidence of agricultural operations did not prove income concealment, emphasizing the distinction between assessment and penalty proceedings. Case-Laws Income Tax Mon, 26 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335035