https://www.taxtmi.com/caselaws?id=283469 The Tribunal ruled in favor of the assessee, a construction company, in a case involving the nature of an amount received from an AOP. The Tribunal held that the amount was a withdrawal and not a loan, citing the ongoing account between the parties. It determined that the transaction between sister concerns fell outside the purview of Section 269SS, emphasizing the absence of tax evasion intent. Consequently, the Tribunal deleted the penalty imposed under Section 271D, highlighting that genuine transactions between sister concerns do not warrant penalties when tax evasion is not a factor. en-us Mon, 18 Mar 2013 00:00:00 +0530 Tue, 24 Sep 2019 15:45:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283469 The Tribunal ruled in favor of the assessee, a construction company, in a case involving the nature of an amount received from an AOP. The Tribunal held that the amount was a withdrawal and not a loan, citing the ongoing account between the parties. It determined that the transaction between sister concerns fell outside the purview of Section 269SS, emphasizing the absence of tax evasion intent. Consequently, the Tribunal deleted the penalty imposed under Section 271D, highlighting that genuine transactions between sister concerns do not warrant penalties when tax evasion is not a factor. Case-Laws Income Tax Mon, 18 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283469