https://www.taxtmi.com/caselaws?id=10622 The court dismissed the appeal by the Commissioner of Income-tax against the Income-tax Appellate Tribunal's decision on the penalty under section 269T of the Income-tax Act, 1961 for the assessment year 1990-91. The Tribunal ruled that the penalty did not apply as the amount in question was a loan, not a deposit, excluded under section 269T. The judgment emphasized the distinction between loans and deposits, citing relevant case law and the 2002 amendment introducing "loan" into section 269T as a substantive change. The court upheld the Tribunal's decision, finding the appeal lacking merit, and ordered each party to bear their own costs. en-us Thu, 13 May 2004 00:00:00 +0530 Mon, 20 Jul 2009 15:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10622 The court dismissed the appeal by the Commissioner of Income-tax against the Income-tax Appellate Tribunal's decision on the penalty under section 269T of the Income-tax Act, 1961 for the assessment year 1990-91. The Tribunal ruled that the penalty did not apply as the amount in question was a loan, not a deposit, excluded under section 269T. The judgment emphasized the distinction between loans and deposits, citing relevant case law and the 2002 amendment introducing "loan" into section 269T as a substantive change. The court upheld the Tribunal's decision, finding the appeal lacking merit, and ordered each party to bear their own costs. Case-Laws Income Tax Thu, 13 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10622