https://www.taxtmi.com/caselaws?id=360749 The appeal challenged the imposition of a penalty under section 271D of the Income Tax Act on a partnership firm for receiving a capital contribution from a partner in cash. The penalty was deleted by the ld. CIT(A) and upheld by the Tribunal, as the capital contribution did not qualify as a loan or deposit under section 269SS. Proper accounting and reflection of the capital contribution by the partner led to the cancellation of the penalty. The revenue's appeal was dismissed, affirming the decision to cancel the penalty under section 271D. en-us Tue, 15 May 2018 00:00:00 +0530 Tue, 22 May 2018 08:59:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360749 The appeal challenged the imposition of a penalty under section 271D of the Income Tax Act on a partnership firm for receiving a capital contribution from a partner in cash. The penalty was deleted by the ld. CIT(A) and upheld by the Tribunal, as the capital contribution did not qualify as a loan or deposit under section 269SS. Proper accounting and reflection of the capital contribution by the partner led to the cancellation of the penalty. The revenue's appeal was dismissed, affirming the decision to cancel the penalty under section 271D. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360749