Case Law Analysis
|Income Tax Appellate Tribunal
Section 269SS IT Act | Cash Repayment of Prior Advances Not 'Deposit' Under Section 269SS; Penalty Under Section 271D Invalid Without Natural Justice : ITAT Kolkata
ITAT Kolkata rules that cash repayments of prior advances do not constitute 'deposits' under Section 269SS of the Income Tax Act, setting aside penalties imposed under Section 271D. The Tribunal emphasized the violation of natural justice principles, remanding the case for a fresh hearing with an opportunity for the assessee to present evidence.