https://www.taxtmi.com/caselaws?id=13459 The High Court held that the penalty imposed under section 271E of the Income-tax Act, 1961 was legally unsustainable as loans were not covered by section 269T during the relevant assessment year. The Court emphasized the distinction between loans and deposits, noting that the subsequent amendment extending the scope to loans was not merely clarificatory. The Court dismissed the Revenue's appeal, affirming that the amendment explicitly included loans repayable after a notice or a period, and loans of any nature for individuals other than companies. en-us Mon, 24 Apr 2006 00:00:00 +0530 Fri, 29 May 2009 10:50:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13459 The High Court held that the penalty imposed under section 271E of the Income-tax Act, 1961 was legally unsustainable as loans were not covered by section 269T during the relevant assessment year. The Court emphasized the distinction between loans and deposits, noting that the subsequent amendment extending the scope to loans was not merely clarificatory. The Court dismissed the Revenue's appeal, affirming that the amendment explicitly included loans repayable after a notice or a period, and loans of any nature for individuals other than companies. Case-Laws Income Tax Mon, 24 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13459