https://www.taxtmi.com/caselaws?id=374542 The ITAT Bangalore allowed the appeal, ruling that cash received as trade advances for goods was not subject to penalty under sections 269SS and 271D of the Income-Tax Act. The tribunal held that the nature of the receipts as trade advances, supported by audit reports and confirmations, did not warrant penalty imposition, as they were not loans or deposits but advances for supplying goods without repayment obligations. The appellant's contentions were accepted, and the penalty was deemed unsustainable, resulting in a favorable outcome for the assessee. en-us Thu, 31 Jan 2019 00:00:00 +0530 Mon, 04 Feb 2019 07:05:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374542 The ITAT Bangalore allowed the appeal, ruling that cash received as trade advances for goods was not subject to penalty under sections 269SS and 271D of the Income-Tax Act. The tribunal held that the nature of the receipts as trade advances, supported by audit reports and confirmations, did not warrant penalty imposition, as they were not loans or deposits but advances for supplying goods without repayment obligations. The appellant's contentions were accepted, and the penalty was deemed unsustainable, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Thu, 31 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374542