https://www.taxtmi.com/caselaws?id=304586 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeals and affirming that no substantial question of law arose for consideration. The penalties imposed under Section 271D and 271E for accepting a loan from a director and repayment in cash were deleted. The transactions were deemed to be current account transactions between identifiable parties, not constituting loans under Section 269SS, based on legal precedents and interpretations. en-us Mon, 28 Feb 2011 00:00:00 +0530 Fri, 07 Oct 2022 17:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304586 The Tribunal upheld the CIT(A)'s decision, dismissing the revenue's appeals and affirming that no substantial question of law arose for consideration. The penalties imposed under Section 271D and 271E for accepting a loan from a director and repayment in cash were deleted. The transactions were deemed to be current account transactions between identifiable parties, not constituting loans under Section 269SS, based on legal precedents and interpretations. Case-Laws Income Tax Mon, 28 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304586