https://www.taxtmi.com/caselaws?id=471099 Cash receipt of advances previously paid by the assessee constitutes repayment of advances, not acceptance of loans or deposits. The statutory scheme separately governs prohibited cash acceptance and prohibited cash repayment of loans, deposits or specified advances. Where the assessment record treated the receipt as cash repayment of earlier advances and that factual position remained uncontroverted, the receipt could not attract the penalty provision for accepting loans or deposits in cash. The penalty rested on an incorrect factual characterisation and was therefore unsustainable and deleted. en-us Wed, 02 Apr 2025 00:00:00 +0530 Thu, 20 Aug 2026 19:01:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471099 Cash receipt of advances previously paid by the assessee constitutes repayment of advances, not acceptance of loans or deposits. The statutory scheme separately governs prohibited cash acceptance and prohibited cash repayment of loans, deposits or specified advances. Where the assessment record treated the receipt as cash repayment of earlier advances and that factual position remained uncontroverted, the receipt could not attract the penalty provision for accepting loans or deposits in cash. The penalty rested on an incorrect factual characterisation and was therefore unsustainable and deleted. Case-Laws Income Tax Wed, 02 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471099