https://www.taxtmi.com/caselaws?id=306082 The tribunal allowed the appeal for statistical purposes, sending the case back to the Ld. CIT(A) for a fresh review. The issue of determining certain amounts as a loan or deposit for penalty u/s 271D was to be re-evaluated. The appellant's failure to provide bank statements and lack of evidence led to the confirmation of the penalty. The tribunal clarified that penalty proceedings need not be initiated during the assessment process under Section 271D, dismissing the appellant's arguments regarding timing and limitations for passing the penalty order. en-us Wed, 29 Feb 2012 00:00:00 +0530 Mon, 09 Jan 2023 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306082 The tribunal allowed the appeal for statistical purposes, sending the case back to the Ld. CIT(A) for a fresh review. The issue of determining certain amounts as a loan or deposit for penalty u/s 271D was to be re-evaluated. The appellant's failure to provide bank statements and lack of evidence led to the confirmation of the penalty. The tribunal clarified that penalty proceedings need not be initiated during the assessment process under Section 271D, dismissing the appellant's arguments regarding timing and limitations for passing the penalty order. Case-Laws Income Tax Wed, 29 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306082