https://www.taxtmi.com/caselaws?id=60024 The Tribunal allowed the appellant's appeal against a penalty of Rs. 10,000 imposed under section 271D for accepting a cash loan exceeding Rs. 20,000 in violation of section 269SS of the Income Tax Act. The Tribunal held that the transactions between the Hindu Undivided Family (HUF) and its Karta were temporary adjustments, not loans or deposits, and therefore did not attract section 269SS. Consequently, the penalty was canceled as the journal entry for gift expenses was not considered a loan or deposit. en-us Fri, 12 Mar 2004 00:00:00 +0530 Mon, 03 Jan 2011 13:01:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60024 The Tribunal allowed the appellant's appeal against a penalty of Rs. 10,000 imposed under section 271D for accepting a cash loan exceeding Rs. 20,000 in violation of section 269SS of the Income Tax Act. The Tribunal held that the transactions between the Hindu Undivided Family (HUF) and its Karta were temporary adjustments, not loans or deposits, and therefore did not attract section 269SS. Consequently, the penalty was canceled as the journal entry for gift expenses was not considered a loan or deposit. Case-Laws Income Tax Fri, 12 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60024