https://www.taxtmi.com/caselaws?id=464603 ITAT affirmed deletion of penalty under section 271D, holding that admitted deposits were booking advances from customers and the addition under section 68 treated them as deemed income, so penalty under 271D could not be sustained. For the remaining amounts, cash receipts were recorded as sales, trade creditors or advances for future sales, rendering section 269SS inapplicable. The appellate authority correctly deleted the impugned penalty and the Revenue's grounds were dismissed. en-us Fri, 05 Apr 2013 00:00:00 +0530 Thu, 06 Nov 2025 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464603 ITAT affirmed deletion of penalty under section 271D, holding that admitted deposits were booking advances from customers and the addition under section 68 treated them as deemed income, so penalty under 271D could not be sustained. For the remaining amounts, cash receipts were recorded as sales, trade creditors or advances for future sales, rendering section 269SS inapplicable. The appellate authority correctly deleted the impugned penalty and the Revenue's grounds were dismissed. Case-Laws Income Tax Fri, 05 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464603