https://www.taxtmi.com/caselaws?id=14814 HC allowed the writ and quashed the penalty levied under section 271D read with section 269SS. The AO had treated the cash receipt as surrendered income (Rs. 30,000), thereby finding it was not a loan or deposit; once the amount was accepted as income, the foundation for a 269SS contravention and consequent 271D penalty vanished. The penalty under section 271D could not be sustained and was set aside. en-us Thu, 05 Nov 1998 00:00:00 +0530 Thu, 09 Oct 2025 19:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14814 HC allowed the writ and quashed the penalty levied under section 271D read with section 269SS. The AO had treated the cash receipt as surrendered income (Rs. 30,000), thereby finding it was not a loan or deposit; once the amount was accepted as income, the foundation for a 269SS contravention and consequent 271D penalty vanished. The penalty under section 271D could not be sustained and was set aside. Case-Laws Income Tax Thu, 05 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14814