https://www.taxtmi.com/caselaws?id=277958 The Tribunal upheld the deletion of the penalty under section 271E for the repayment of a loan of Rs. 86,000, finding that the transaction constituted a loan repayment, not a contravention of section 269T regarding deposits. The Tribunal emphasized the distinction between loans and deposits, noting that section 269T did not apply to loan transactions before 1-6-2002. It concluded that the repayment through cash was a technical default rather than a deliberate breach, and penalties should not be imposed for such minor infractions. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decision to delete the penalty. en-us Mon, 25 Nov 2002 00:00:00 +0530 Wed, 02 Jan 2019 10:48:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277958 The Tribunal upheld the deletion of the penalty under section 271E for the repayment of a loan of Rs. 86,000, finding that the transaction constituted a loan repayment, not a contravention of section 269T regarding deposits. The Tribunal emphasized the distinction between loans and deposits, noting that section 269T did not apply to loan transactions before 1-6-2002. It concluded that the repayment through cash was a technical default rather than a deliberate breach, and penalties should not be imposed for such minor infractions. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decision to delete the penalty. Case-Laws Income Tax Mon, 25 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277958