https://www.taxtmi.com/caselaws?id=366163 The tribunal allowed the appeal, ruling that the repayment of advances received from customers in cash did not violate Section 269T of the Income Tax Act. Therefore, the penalty under Section 271E was deemed unsustainable. The tribunal held that the advances were business transactions, not loans or deposits, and the assessee's belief in this regard was bona fide. As a result, the penalty was deleted, and the appeal was allowed. en-us Thu, 23 Aug 2018 00:00:00 +0530 Thu, 30 Aug 2018 07:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366163 The tribunal allowed the appeal, ruling that the repayment of advances received from customers in cash did not violate Section 269T of the Income Tax Act. Therefore, the penalty under Section 271E was deemed unsustainable. The tribunal held that the advances were business transactions, not loans or deposits, and the assessee's belief in this regard was bona fide. As a result, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366163