https://www.taxtmi.com/caselaws?id=293979 The Tribunal allowed the assessee's appeals, deleting penalties under Sections 271D and 271E of the Income Tax Act, 1961. The Tribunal found that the cash deposit in the personal savings account was made by a friend for specific purposes, not constituting a loan or deposit by the assessee. Despite penalties being imposed by the Assessing Officer and confirmed by the ld. CIT(A), the Tribunal ruled in favor of the assessee, emphasizing that the transaction did not violate the relevant sections of the Act and that the explanation provided during assessment was satisfactory. en-us Wed, 09 Jan 2019 00:00:00 +0530 Sat, 13 Mar 2021 08:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293979 The Tribunal allowed the assessee's appeals, deleting penalties under Sections 271D and 271E of the Income Tax Act, 1961. The Tribunal found that the cash deposit in the personal savings account was made by a friend for specific purposes, not constituting a loan or deposit by the assessee. Despite penalties being imposed by the Assessing Officer and confirmed by the ld. CIT(A), the Tribunal ruled in favor of the assessee, emphasizing that the transaction did not violate the relevant sections of the Act and that the explanation provided during assessment was satisfactory. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293979