Dismissing the appeal of the revenue Court held that the revenue is not able to establish that the assessee has accepted the loan or deposit from Shri Jivraj .V.Desai and in the absence of any material showing acceptance of any loan or deposit , order of Tribunal is affirmed . ( TA No. 738 of 2019 dt 27-1-2020 ) (AY. 2001-02)
PCIT v . Devchand B. Patel ( 2020) The Chamber’s Journal- April -P. 120 ( Guj) (HC)
S.271D: Penalty – Takes or accepts any loan or deposit -Dairy seized – Deletion of penalty is held to be valid [ S.132 ]