https://www.taxtmi.com/caselaws?id=57325 The ITAT allowed both appeals, condoning the delay in filing appeals and canceling penalties under sections 271D and 271E of the IT Act, 1961. The delay of 5 days was attributed to firm dissolution and partner deaths. The penalty under section 271D for accepting cash loans was canceled due to urgent business needs and compliance with CBDT Circular. The penalty under section 271E for cash loan repayments was canceled as loans were not deposits and circumstances justified the cash repayments. en-us Mon, 24 Jan 2005 00:00:00 +0530 Fri, 27 Jul 2012 13:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57325 The ITAT allowed both appeals, condoning the delay in filing appeals and canceling penalties under sections 271D and 271E of the IT Act, 1961. The delay of 5 days was attributed to firm dissolution and partner deaths. The penalty under section 271D for accepting cash loans was canceled due to urgent business needs and compliance with CBDT Circular. The penalty under section 271E for cash loan repayments was canceled as loans were not deposits and circumstances justified the cash repayments. Case-Laws Income Tax Mon, 24 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57325