https://www.taxtmi.com/caselaws?id=299436 The appeals regarding disallowance under Section 40(a)(ia) of the Income Tax Act were dismissed as the amendment giving relief to the payer was not applicable for the assessment year in question. However, the appeal regarding the penalty under Section 271E was allowed, and the penalty was deleted. The Tribunal found that the money involved was not unaccounted for and was kept for safe custody during family disputes, thus not falling under the definition of loan or deposit as per Section 269T. en-us Fri, 14 Nov 2014 00:00:00 +0530 Wed, 15 Dec 2021 09:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299436 The appeals regarding disallowance under Section 40(a)(ia) of the Income Tax Act were dismissed as the amendment giving relief to the payer was not applicable for the assessment year in question. However, the appeal regarding the penalty under Section 271E was allowed, and the penalty was deleted. The Tribunal found that the money involved was not unaccounted for and was kept for safe custody during family disputes, thus not falling under the definition of loan or deposit as per Section 269T. Case-Laws Income Tax Fri, 14 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299436