https://www.taxtmi.com/caselaws?id=443808 The Tribunal overturned the penalty imposed by the Assessing Officer under section 271D of the Income-tax Act for alleged violation of section 269SS. It held that the transactions in question did not constitute accepting loans, as they were payments made on behalf of others, not loans. The penalty was based on a qualification in the tax audit report, but the Tribunal emphasized that penalties should be based on actual facts, not the auditor's opinion. The Tribunal's decision was based on a detailed examination of the transactions, concluding that no loans were taken or accepted in violation of section 269SS. en-us Tue, 26 Sep 2023 00:00:00 +0530 Tue, 03 Oct 2023 08:39:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443808 The Tribunal overturned the penalty imposed by the Assessing Officer under section 271D of the Income-tax Act for alleged violation of section 269SS. It held that the transactions in question did not constitute accepting loans, as they were payments made on behalf of others, not loans. The penalty was based on a qualification in the tax audit report, but the Tribunal emphasized that penalties should be based on actual facts, not the auditor's opinion. The Tribunal's decision was based on a detailed examination of the transactions, concluding that no loans were taken or accepted in violation of section 269SS. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443808