https://www.taxtmi.com/caselaws?id=30505 The court held that transactions between an assessee firm and its partners, characterized as deposits, were not subject to penalties under Sections 271 D and 271 E. Relying on the Partnership Act and a precedent, the court determined that the firm and partners should not be treated as separate entities for penalty purposes. As the firm was not considered a juristic person, penalties were deemed inapplicable. The court upheld the Tribunal's decision to delete the penalties, dismissing the appeals without costs. en-us Tue, 23 Jan 2007 00:00:00 +0530 Sat, 30 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30505 The court held that transactions between an assessee firm and its partners, characterized as deposits, were not subject to penalties under Sections 271 D and 271 E. Relying on the Partnership Act and a precedent, the court determined that the firm and partners should not be treated as separate entities for penalty purposes. As the firm was not considered a juristic person, penalties were deemed inapplicable. The court upheld the Tribunal's decision to delete the penalties, dismissing the appeals without costs. Case-Laws Income Tax Tue, 23 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30505