https://www.taxtmi.com/caselaws?id=55262 The Tribunal overturned the penalty imposed under section 271D on an assessee firm for cash deposits exceeding Rs. 20,000, as it deemed transactions between the firm and partners as internal transfers, not subject to section 269SS provisions. The decision emphasized that firm-partner relationships differ in income-tax law from general law, clarifying that payments between them do not constitute loans or deposits under the IT Act. The ruling highlighted the distinct treatment of firm and partners, ultimately canceling the penalty based on the interpretation of the firm-partner relationship. en-us Tue, 20 May 1997 00:00:00 +0530 Thu, 25 Nov 2010 09:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55262 The Tribunal overturned the penalty imposed under section 271D on an assessee firm for cash deposits exceeding Rs. 20,000, as it deemed transactions between the firm and partners as internal transfers, not subject to section 269SS provisions. The decision emphasized that firm-partner relationships differ in income-tax law from general law, clarifying that payments between them do not constitute loans or deposits under the IT Act. The ruling highlighted the distinct treatment of firm and partners, ultimately canceling the penalty based on the interpretation of the firm-partner relationship. Case-Laws Income Tax Tue, 20 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55262