https://www.taxtmi.com/caselaws?id=370306 The High Court addressed an appeal challenging the deletion of a penalty under Section 271D of the Income Tax Act. The case involved cash payments between two companies in a joint venture for a business purpose related to developing an integrated township. The Court emphasized that the payments were not loans or deposits but part of a business transaction based on the Memorandum of Understanding. It highlighted that the transactions did not fall under Section 269SS as they lacked a repayment obligation. The Court dismissed the appeal, affirming the Tribunal's decision to delete the penalty. en-us Tue, 23 Oct 2018 00:00:00 +0530 Thu, 15 Nov 2018 07:26:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370306 The High Court addressed an appeal challenging the deletion of a penalty under Section 271D of the Income Tax Act. The case involved cash payments between two companies in a joint venture for a business purpose related to developing an integrated township. The Court emphasized that the payments were not loans or deposits but part of a business transaction based on the Memorandum of Understanding. It highlighted that the transactions did not fall under Section 269SS as they lacked a repayment obligation. The Court dismissed the appeal, affirming the Tribunal's decision to delete the penalty. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370306