https://www.taxtmi.com/caselaws?id=307150 The Tribunal set aside the penalty imposed under Section 271D of the Income Tax Act, 1961, on the assessee for accepting a loan in cash, citing circular No.556 issued by the CBDT. The Tribunal considered the assessee a commission agent, and based on the circular's interpretation, found the transaction justified. The cancellation of the penalty was supported by the assessee's explanation and the provision of section 273B, emphasizing reasonable cause and discretionary power in penalty imposition. The judgment favored the assessee, ruling against the revenue and upholding the cancellation of the penalty. en-us Wed, 13 Sep 2006 00:00:00 +0530 Wed, 22 Mar 2023 16:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307150 The Tribunal set aside the penalty imposed under Section 271D of the Income Tax Act, 1961, on the assessee for accepting a loan in cash, citing circular No.556 issued by the CBDT. The Tribunal considered the assessee a commission agent, and based on the circular's interpretation, found the transaction justified. The cancellation of the penalty was supported by the assessee's explanation and the provision of section 273B, emphasizing reasonable cause and discretionary power in penalty imposition. The judgment favored the assessee, ruling against the revenue and upholding the cancellation of the penalty. Case-Laws Income Tax Wed, 13 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307150