https://www.taxtmi.com/caselaws?id=299624 The Tribunal upheld the deletion of penalties under sections 271D and 271E for the assessment years 1995-96 to 1997-98. The CIT (A) had deleted the penalties, ruling that the amounts received were treated as income for taxation purposes, not as deposits or loans, thus not warranting penalties. The Tribunal agreed that once the amounts were considered as income, they could not be categorized as deposits for penalty purposes. As a result, the Revenue's appeals were dismissed, and the penalties under sections 271D and 271E were deleted. en-us Fri, 13 Apr 2012 00:00:00 +0530 Thu, 23 Dec 2021 10:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299624 The Tribunal upheld the deletion of penalties under sections 271D and 271E for the assessment years 1995-96 to 1997-98. The CIT (A) had deleted the penalties, ruling that the amounts received were treated as income for taxation purposes, not as deposits or loans, thus not warranting penalties. The Tribunal agreed that once the amounts were considered as income, they could not be categorized as deposits for penalty purposes. As a result, the Revenue's appeals were dismissed, and the penalties under sections 271D and 271E were deleted. Case-Laws Income Tax Fri, 13 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299624