https://www.taxtmi.com/highlights?id=104614 Use of a company's disclosed income to purchase jewellery on its behalf does not, without more, constitute acceptance by its managing director of a cash loan or deposit. Storage of company jewellery at the managing director's residence or in his locker for safekeeping does not alter that character. Characterising the arrangement as a cash loan or deposit on assumptions, presumptions or surmise renders the related penalty unsustainable; the penalty was deleted. en-us Wed, 07 Oct 2026 08:26:38 +0530 Wed, 07 Oct 2026 08:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104614 Use of a company's disclosed income to purchase jewellery on its behalf does not, without more, constitute acceptance by its managing director of a cash loan or deposit. Storage of company jewellery at the managing director's residence or in his locker for safekeeping does not alter that character. Characterising the arrangement as a cash loan or deposit on assumptions, presumptions or surmise renders the related penalty unsustainable; the penalty was deleted. Highlights Income Tax Wed, 07 Oct 2026 08:26:38 +0530 https://www.taxtmi.com/highlights?id=104614