https://www.taxtmi.com/caselaws?id=387893 The Tribunal ruled in favor of the assessee in a case concerning the levy of a penalty under section 271D of the Income Tax Act, 1961 for accepting cash loans. The Tribunal held that once the additional income offered by the assessee was accepted and treated as income by the authorities, it could not be considered a loan for penalty purposes under section 271D. Relying on relevant case laws, the Tribunal reversed the penalty imposed by the Commissioner of Income Tax (Appeals) and deleted the penalty amount of Rs. 1,14,50,000. en-us Fri, 27 Sep 2019 00:00:00 +0530 Mon, 04 Nov 2019 07:04:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387893 The Tribunal ruled in favor of the assessee in a case concerning the levy of a penalty under section 271D of the Income Tax Act, 1961 for accepting cash loans. The Tribunal held that once the additional income offered by the assessee was accepted and treated as income by the authorities, it could not be considered a loan for penalty purposes under section 271D. Relying on relevant case laws, the Tribunal reversed the penalty imposed by the Commissioner of Income Tax (Appeals) and deleted the penalty amount of Rs. 1,14,50,000. Case-Laws Income Tax Fri, 27 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387893