https://www.taxtmi.com/caselaws?id=395424 The appeal was filed against a penalty order under Section 271D for the assessment year 2012-13, challenging its legality and initiation. The penalty was imposed for accepting cash deposits/loans, deemed as advances by the assessee. Despite the Assessing Officer and CIT(A) upholding the penalty, the Tribunal ruled in favor of the assessee, determining the cash received as advances against goods supply, not loans/deposits. The Tribunal emphasized the importance of the correct authority initiating penalty proceedings under Section 271D, leading to the deletion of the penalty. en-us Wed, 15 Apr 2020 00:00:00 +0530 Thu, 21 May 2020 11:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395424 The appeal was filed against a penalty order under Section 271D for the assessment year 2012-13, challenging its legality and initiation. The penalty was imposed for accepting cash deposits/loans, deemed as advances by the assessee. Despite the Assessing Officer and CIT(A) upholding the penalty, the Tribunal ruled in favor of the assessee, determining the cash received as advances against goods supply, not loans/deposits. The Tribunal emphasized the importance of the correct authority initiating penalty proceedings under Section 271D, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 15 Apr 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395424