https://www.taxtmi.com/caselaws?id=429992 The Bench ruled in favor of the assessee, directing the deletion of penalties imposed under Sections 271D and 271E by the ld. CIT(A). The judgment clarified that penalties were erroneously confirmed without appreciating the provisions of Sections 269SS and 269T. The Bench emphasized assessing loan amounts personwise, not collectively, and found that the aggregate loans did not exceed Rs.20,000 per person. Consequently, both appeals were allowed, and the penalties were set aside. en-us Tue, 18 Oct 2022 00:00:00 +0530 Wed, 09 Nov 2022 08:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429992 The Bench ruled in favor of the assessee, directing the deletion of penalties imposed under Sections 271D and 271E by the ld. CIT(A). The judgment clarified that penalties were erroneously confirmed without appreciating the provisions of Sections 269SS and 269T. The Bench emphasized assessing loan amounts personwise, not collectively, and found that the aggregate loans did not exceed Rs.20,000 per person. Consequently, both appeals were allowed, and the penalties were set aside. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429992